TechFlow news, January 2nd, according to Cointelegraph, as the long-awaited Crypto Asset Reporting Framework is being rolled out globally, 48 countries and regions worldwide will begin recording crypto wallet transaction data starting this year, in preparation for the formal implementation of the Crypto Asset Reporting Framework (CARF) in 2027.
Under the international tax transparency framework established by the Organisation for Economic Co-operation and Development (OECD), crypto service providers in participating jurisdictions, including centralized exchanges, certain decentralized exchanges, crypto ATMs, and brokers, have been required to start collecting necessary transaction data.
Additionally, a second group of 27 jurisdictions, including Hong Kong, China, Australia, Canada, Mexico, and Switzerland, will begin collecting data on January 1, 2027, and initiate information sharing in 2028.
Although CARF data is limited to tax purposes, cryptocurrency tax software company TaxBit stated in November that this information may ultimately provide unprecedented access to cryptocurrency ownership and identity details, enabling authorities to identify anonymous cryptocurrency holders, serve as an intelligence source, and help link identities to criminal activities.
