Argentina has agreed to implement the Crypto-Asset Reporting Framework, or CARF, developed by the Organisation for Economic Co-operation and Development. Under the plan, the country is set to automatically exchange crypto transaction data with other jurisdictions by 2029. The framework already includes 77 jurisdictions.
Under CARF, virtual asset service providers must report user identity details and transaction data covering crypto purchases and sales made with fiat currency, digital asset exchanges, digital asset payments, and transfers involving external addresses. Argentina will receive overseas transaction information and share data related to domestic users with international regulators.
The country is also required to put domestic rules in place by 2028. Those rules will define data collection requirements and set out how virtual asset service providers must submit information to tax authorities. The framework is intended to align reporting standards for crypto transactions more closely with those used for fiat transactions, helping tax authorities identify cross-border tax evasion, according to Bitcoin.com News.
Argentina has agreed to implement the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development, with plans to automatically exchange crypto transaction data with other jurisdictions by 2029. A total of 77 jurisdictions have already joined the framework.
Reporting will cover identity details and several transaction types
Under the framework, virtual asset service providers must report user identity information, along with data on crypto purchases and sales made with fiat currency, digital asset exchanges, digital asset payments, and transfers between external addresses.
Domestic rules must be in place by 2028
Argentina will receive transaction information from overseas and share data related to its own users with international regulators. The country must also establish domestic regulations by 2028 to define data collection requirements and the rules for virtual asset service providers to submit information to tax authorities.
Framework targets cross-border tax evasion detection
CARF is designed to apply reporting standards to crypto-asset transactions that are similar to those used for fiat transactions, supporting tax authorities in identifying cross-border tax evasion, according to Bitcoin.com News.
Odaily carried the item, citing Bitcoin.com News.
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