CARF | Crypto

Hong Kong has launched a public consultation on adopting the OECD’s crypto account tax data sharing program, CARF, and revising its tax reporting standards. Hong Kong has launched a public consultation on how to implement the international Crypto-Asset Reporting Framework, or CARF, as it moves to bring crypto tax data sharing in line with global standards. According to a Tuesday news release, Hong Kong is seeking input on both the implementation of CARF and changes to tax reporting standards. The announcement explicitly ties the move to the local administration’s efforts to fight cross-border tax evasion. The move constitutes standardization rather than a change of direction by the local government. As the announcement points out, Hong Kong authorities have been annually exchanging financial account information with partner jurisdictions since 2018. Read more

Cayman foundation registrations increase by 70% year-on-year as DAOs seek legal wrappers, with CARF rules set to arrive in 2026. New figures reveal a 70% year-on-year increase in Cayman Islands foundation company registrations, with more than 1,300 on the books at the end of 2024, and over 400 new registrations already in 2025. These structures are increasingly being used as legal wrappers for decentralized autonomous organizations (DAOs) and as ecosystem stewards for major Web3 projects. According to a news release from Cayman Finance, many of the world’s largest Web3 projects are now registered in the Cayman Islands, including at least 17 foundation companies with treasuries over $100 million. Read more

The White House is reviewing a proposal to join an international crypto tax standard that could deter Americans from moving their digital assets to offshore exchanges. The White House is reviewing the Internal Revenue Service’s proposal to join the global Crypto-Asset Reporting Framework, which would provide the tax department with access to Americans’ foreign crypto account data. Adoption of the “Broker Digital Transaction Reporting” proposal — submitted to the White House last Friday — would put the US crypto tax system in line with 72 other countries that have committed to implementing CARF by 2028. While the proposal wasn’t categorized as “economically significant” by the IRS, the rule would force Americans to be far more stringent in reporting capital gains tax from foreign crypto platforms. Read more

The CARF regulation, which brings crypto under global tax reporting standards akin to traditional finance, marks a crucial turning point. Opinion by: Alice Frei, head of security and compliance at Outset PR More than 60 countries have signed on to CARF (Crypto-Asset Reporting Framework), marking 2027 as the year crypto goes fully on the grid, tax-wise. First up are the UK and the EU. Singapore, the UAE, Hong Kong and the US are on deck next, with plans to roll out in 2028.  Read more

Switzerland has approved automatic crypto-asset data exchange with 74 jurisdictions under OECD’s CARF. It includes EU countries and most G20 members but excludes the United States and Saudi Arabia. Data sharing begins in 2027 if partner states meet reciprocity and compliance standards. The post Switzerland to Swap Crypto Holder Data with 74 Countries Under the OECD’s CARF appeared first on Cryptonews.