Australia Adopts Global Crypto Tax Framework, Boosting International Cooperation
Key Summary
Australia has released a draft bill to adopt the OECD Crypto-Asset Reporting Framework (CARF), paving the way for international exchanges of crypto tax information and cooperation with global jurisdictions. The move aims to address tax evasion risks and align with international standards, while also introducing a domestic crypto reporting regime. Key exchanges and regulators are expected to benefit from this development.
Key Developments
Australia has released a draft bill to adopt the OECD Crypto-Asset Reporting Framework (CARF), a global standard for crypto tax reporting. The bill, open to comment until October 28, would establish a framework to implement CARF in Australian law and introduce a domestic crypto reporting regime.
Background
The OECD approved CARF in August 2022 to address tax evasion risks arising from the growth of crypto assets. Australia is among 77 jurisdictions committed to adopting CARF, with its first international exchanges of crypto tax data expected in 2028.
Implications
The adoption of CARF is expected to boost international cooperation and align Australia with global standards. The move is also seen as a step towards addressing tax evasion risks and promoting transparency in the crypto industry.
Related Coverage
Australia seeks feedback on crypto platform rules ahead of 2027 rollout Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries. All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.