Crypto’s path to legitimacy runs through the CARF regulation
2025-07-05 15:22:19
Main Idea
The CARF (Crypto-Asset Reporting Framework) marks a turning point for crypto's legitimacy by enforcing tax transparency, with over 60 countries adopting it and major regions like the UK, EU, Singapore, UAE, Hong Kong, and the US planning rollouts by 2028.
Key Points
1. Over 60 countries have adopted CARF, with the UK and EU leading implementation in 2027, followed by Singapore, the UAE, Hong Kong, and the US in 2028.
2. CARF requires crypto-asset service providers (exchanges, brokers, ATM operators, and even solo entrepreneurs) to report transactions, increasing accountability and tax transparency.
3. The EU aims to finalize CARF provisions by the end of 2025, with most rules effective from January 1, 2026.
4. CARF addresses global tax evasion, estimated at $427 billion annually, by closing regulatory gaps in crypto transactions.
5. The framework is expected to professionalize the crypto industry, attract institutional investment, and improve user protections while maintaining innovation.
Description
The CARF regulation, which brings crypto under global tax reporting standards akin to traditional finance, marks a crucial turning point.
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