Crypto investors in 48 countries will have wallet transaction data recorded for tax purposes under the new Crypto-Asset Reporting Framework. CARF, developed by the OECD, begins in 2027, with service providers already required to collect data from Jan. 1. G20 countries are aiming for more transparency to combat tax evasion and money laundering.

CARF aims to ensure taxpayers meet obligations globally. 48 jurisdictions will start collecting data this year, with 27 more to follow in 2028. Hong Kong seeks input on CARF implementation for tax reporting standards to combat cross-border tax evasion. Data could potentially reveal crypto ownership and identity details beyond taxation purposes.

TaxBit suggests CARF data could provide insight into crypto ownership, identities, and link to criminal activity. The framework allows authorities to identify anonymous holders and serve as an intelligence source. Countries are taking steps towards transparency to combat tax evasion and money laundering in the crypto space.

Read more at Cointelegraph: CARF Transaction Reporting Begins in Participating Jurisdictions