Amendments To The Common Reporting Standard And The Crypto-Asset Reporting Framework (CARF)

The Common Reporting Standard (CRS) was designed to promote tax transparency in relation to financial accounts held abroad. The CRS requires banks and other financial institutions to report on assets that they hold for clients who are resident outside of that country. The information is then reported to clients' tax residence authority, which in turn exchanges that information with the other participating jurisdictions. The CRS was initially adopted in 2014, which has since seen over one hundred jurisdictions join the CRS

Recently, the OECD together with the G20 countries have conducted its first comprehensive review of the CRS in consultation with participating jurisdictions, financial institutions and stakeholders. This has brought about a number of changes that were approved by the OECD Committee on Fiscal Affairs in August 2022, namely, a new tax transparency framework which now provides for the automatic exchange of tax information on crypto-asset