Cayman Among 48 Countries To Implement Crypto Reporting Framework By 2027

The Cayman Islands has joined 47 countries and territories in a declaration supporting an action plan to implement the Crypto-Asset Reporting Framework (CARF) by 2027.

The CARF provides for the automatic exchange of tax-relevant information on crypto-assets between tax authorities and is part of the automatic tax information exchange standards developed by the Organization for Economic Cooperation and Development (OECD) under a G20 mandate.

The group of 48 countries welcomed the new standard "to keep pace with the rapid development and growth of the crypto-asset market and to ensure that recent gains in global tax transparency will not be gradually eroded."

"As jurisdictions that play host to active crypto markets, we therefore intend to work towards swiftly transposing the CARF into domestic law and activating exchange agreements in time for exchanges to commence by 2027, subject to national legislative procedures as applicable," the joint statement said.