tldr; The UK and 47 other countries have adopted the OECD’s Cryptoasset Reporting Framework (CARF), requiring crypto exchanges and wallet providers to report detailed transaction data to tax authorities. This aims to prevent tax evasion by standardizing global reporting of crypto transactions. Entities must provide personal or business details, and service providers must track and report transaction histories. Penalties for non-compliance include fines and interest, with reporting to begin by May 31, 2027, covering activity from 2026.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
CyGoingPro on
Lucky me, my country doesn’t participate until 2028 🥳
6 Comments
Woop more taxes please!
tldr; The UK and 47 other countries have adopted the OECD’s Cryptoasset Reporting Framework (CARF), requiring crypto exchanges and wallet providers to report detailed transaction data to tax authorities. This aims to prevent tax evasion by standardizing global reporting of crypto transactions. Entities must provide personal or business details, and service providers must track and report transaction histories. Penalties for non-compliance include fines and interest, with reporting to begin by May 31, 2027, covering activity from 2026.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Lucky me, my country doesn’t participate until 2028 🥳
you guys pay taxes on your crypto losses?
Jokes on them, I didn’t make any profit.
Taxes will be the death of crypto