The impact of CARF on the global cryptocurrency industry
CARF emerged as a way to close the transparency gap that allowed cryptocurrency transactions to occur outside traditional banking oversight systems, essentially creating a crypto version of existing financial reporting standards
Key insights:
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CARF is a global initiative designed to bring tax transparency to cryptocurrency — CARF aims to prevent tax evasion by requiring crypto service providers to report customer and transaction data to tax authorities, who then share this information internationally.
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CARF’s adoption is rapidly progressing — With widespread international buy-in, platforms are now compelled to expand their KYC standards, necessitating significant overhauls…
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