The OECD Crypto Asset Reporting Framework, commonly abbreviated to CARF, introduced the concept of standardised due diligence requirements that Reporting Crypto Asset Service providers (RCASPs) should adhere to. These due diligence requirements introduce a consistent set of identification, verification and monitoring processes that RCASPs must apply to their users for the purpose of determining which users and which transactions are reportable and to which tax jurisdiction. The intention seems clear to replicate the common reporting standard (CRS) due diligence, but to adapt and apply it to Crypto Asset activity.
What is a Reporting Crypto Asset Service Provider (RCASP)?
A Reporting Crypto Asset Service Provider, abbreviated to RCASP, is defined as any individual or entity that, as a form of business, provides services that allow or facilitate reportable crypto asset transactions on behalf of customers. This can include acting as a counterparty, intermediary, broker, or by operating
