47 Countries Commit to Implement Crypto Asset Reporting Framework by 2027

According to Foresight News, 47 countries, including the United States, United Kingdom, Australia, Brazil, Canada, France, Germany, Greece, Italy, Japan, South Korea, and Switzerland, have committed to implementing the Crypto Asset Reporting Framework (CARF) by 2027. This new international standard for automatic exchange of information between tax authorities will be incorporated into their domestic legal systems to enhance tax compliance and combat tax evasion. The countries have also invited other jurisdictions to join in order to strengthen the global automatic information exchange system and fight against tax evasion practices.