Singapore To Share Cryptocurrency Tax Information With Other Countries

Singapore has just become the 48th nation (joining the US) to begin implementing the international Crypto-Asset Reporting Framework (CARF), which is intended to standardize the automatic exchange of personal financial information between countries and to reduce tax evasion by those engaging in cryptocurrency transactions.

The Organization for Economic Cooperation and Development provided the framework for CARF in August 2022, which defined "Crypto-Assets" and key intermediaries and other service providers that will be subject to reporting. Under the framework, crypto-assets include traditional cryptocurrencies, stablecoins, NFTs, and exchanges. The framework requires Crypto-Asset Service Providers (CASPs) to collect personal information on users (e.g., name, address, and tax ID number). Once collected by individual countries, people's cryptocurrency-related tax events will also be shared with other countries.