OECD updates on CRS and the Crypto Asset Reporting Framework (CARF)

OECD countries agreed to implement the newly revised International Standards for Automatic Exchange of Information in Tax Matters which encompass several important updates in addition to addressing emerging challenges in the evolving tax environment

The Crypto-Asset Reporting Framework provides for the automatic exchange of tax relevant-information on crypto-assets and was developed to address the rapid growth of the crypto-asset market and to ensure that recent gains in global tax transparency are not gradually eroded. The Common Reporting Standard (CRS) was amended to bring certain electronic money products,

The new standards also introduce a carve-out for genuine non-profit organizations.