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UK to implement cryptoasset framework

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Together with 47 other countries, the UK has signed a joint statement on a commitment to implement the new OECD cryptoasset reporting framework – a new international standard on the automatic exchange of information between tax authorities. The substantive part of the statement reads as follows: ‘As jurisdictions that play host to active crypto markets, we therefore intend to work towards swiftly transposing the CARF into domestic law and activating exchange agreements in time for exchanges to commence by 2027, subject to national legislative procedures as applicable. In order to ensure consistency and a smooth implementation for both business and governments, those of us that are signatory jurisdictions to the Common Reporting Standard will also implement, in line with the above timeline and subject to national legislative procedures as applicable, amendments to this standard as agreed by the OECD earlier this year.’

Issue: 1641
Categories: News