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G20 advances global crypto framework.

During a two-day summit in New Delhi, the leaders of the G20, representing the world’s 20 largest economies,

have expressed their commitment to the prompt implementation of a cross-border framework for crypto assets.

Local reports indicate that the framework will enable information exchange between countries,

with implementation set to commence in 2027.

“We call for the swift implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the CRS [Common Reporting Standard]. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions,”

G20 leaders

The upcoming framework will have implications for numerous countries,

including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union.

Notably, G20 member countries account for two-thirds of the global population.

In October 2022, the Organization for Economic Cooperation and Development (OECD) unveiled the Crypto-Asset Reporting Framework.

This framework aims to enhance transparency for tax authorities regarding cryptocurrency transactions and the associated individuals involved.

It provides a means for tax authorities to gain better visibility into crypto transactions and track the identities of those participating in them.

G20 – Advancements in Cross-Border Crypto Transaction Monitoring and Regulation

The proposed framework entails the automatic exchange of information on crypto transactions between jurisdictions on an annual basis.

This exchange would encompass transactions conducted on unregulated crypto exchanges and wallet providers.

Many countries have already implemented new disclosure standards for crypto transactions.

In May, the European Union approved updated regulations aligned with the Crypto-Asset Reporting Framework (CARF),

establishing procedures for the automatic sharing of information among European governments for tax purposes.

basically These rules require the transfer of digital assets to include the beneficiary’s name,

distributed ledger address, and account number.

In addition, the G20 has endorsed the Financial Stability Board’s (FSB) recommendations for the regulation, supervision,

and oversight of crypto asset activities, markets, and global stablecoin arrangements.

although These recommendations, released in July, advocate for similar standards for stablecoins as those applied to commercial banks.

They also call for the prohibition of any activities that impede the identification of involved participants,

among other suggested measures.

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