Response to the OECD on the Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard

GDF supports the aim of the CARF to ensure global tax transparency. The OECD’s stated rationale in the Public Consultation Document for adopting the CARF was that “the current scope of assets, as well as the scope of obliged entities, covered by the CRS do not provide tax administrations with adequate visibility on when taxpayers engage in tax-relevant transactions in, or hold, Crypto-Assets” and, as such, the recent gains in global tax transparency achieved by the CRS could be gradually eroded. However, the CARF goes well beyond the CRS in terms of the scope of assets and obliged entities covered. GDF considers that the scope of the CARF should be aligned with the CRS to create a level playing field between asset classes and types of intermediaries.

Read the full response to the public consultation below.

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