10 November 2023 – Italy has joined 47 other countries in the implementation phase of the “Crypto – Asset Reporting Framework” (CARF), a new tax transparency framework for the collection of information on financial transactions conducted through digital instruments.
The CARF, developed and approved by the OECD on a mandate from the G20, modifies the plurilateral system of automatic exchange of information currently in use (Common Reporting Standard) with the aim of fostering, through the automated exchange of data between tax administrations, the transparency of transactions carried out in cryptocurrencies.
In recent years, the development of the digital economy has led to the spread of new investment methods (Crypto-Assets) and new payment instruments (digital money products), which have made it necessary to adopt new control strategies to counter the risks of tax evasion, money laundering and terrorist financing.
The statement published today formally commits the tax administrations of the countries that sign it to implement the cryptocurrency data exchange system by 2027 and to promote its adoption internationally.