On 26th August 2022, the OECD published its Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard. This publication contains the rules and commentary of the Crypto-Asset Reporting Framework (CARF) and a set of amendments to the Common Reporting Standard (CRS), as approved by the OECD Committee on Fiscal Affairs in August 2022. The OECD has developed the CARF to ensure the collection and automatic exchange of information on transactions in crypto-assets. The CARF consists of rules and commentary that can be transposed into domestic law to collect information from reporting crypto-asset service providers (CASPs). In terms of reporting requirements, the relevant transactions reportable under the CARF are exchanges between crypto-assets and Fiat currencies; exchanges between one or more forms of crypto-assets; and transfers of relevant crypto-assets. Similarly to the CARF, the CRS were also amended to, inter alia, cover new digital financial products such as electronic money products and central bank digital currencies.
