G20 Countries Move Forward with International Crypto Framework for Cross-Border Exchange of Information


This article has been republished with permission from Binance News.

According to Cointelegraph: Leaders of the world’s 20 largest economies (G20) are pushing for the introduction of a cross-border framework for crypto assets, aiming to begin exchanging information between countries in 2027. The Crypto-Asset Reporting Framework (CARF), first introduced in October 2022 by the Organization for Economic Cooperation and Development (OECD), will give tax authorities increased visibility of crypto transactions, as well as the individuals behind them. Under the new framework, countries will automatically exchange information on crypto transactions between jurisdictions annually, including those made on unregulated exchanges and by wallet providers.

The G20 also endorsed recommendations from the Financial Stability Board (FSB) concerning crypto-assets activities, markets, and global stablecoin arrangements. These recommendations set similar standards for stablecoins as for commercial banks and encourage regulators to prevent activities that hinder participant identification.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *