Argentina has agreed to implement the Crypto-Asset Reporting Framework, or CARF, developed by the Organisation for Economic Co-operation and Development. The country plans to begin automatically exchanging crypto transaction data with other jurisdictions by 2029. According to the report, 77 jurisdictions have already joined the framework.
Under CARF, virtual asset service providers must report user identity information and data tied to crypto purchases and sales made with fiat currency, digital asset exchanges, digital asset payments, and transfers involving external addresses. Argentina is expected to receive transaction information from abroad and share data related to domestic users with international regulators.
The report also said Argentina must put domestic rules in place by 2028. Those rules are expected to define data collection requirements and set out how virtual asset service providers must submit information to tax authorities. CARF is designed to apply reporting standards to crypto-asset transactions that are similar to those used for fiat transactions, with the stated goal of helping tax authorities identify cross-border tax evasion.
Argentina has agreed to implement the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development (OECD), according to ChainCatcher. The country plans to automatically exchange crypto transaction data with other jurisdictions by 2029.
So far, 77 jurisdictions have joined the framework.
What service providers would need to report
Under CARF, virtual asset service providers would be required to report user identity information, along with data covering:
- crypto-asset purchases and sales conducted with fiat currency
- digital asset-to-digital asset exchanges
- digital asset payments
- transfers involving external addresses
Argentina’s next steps
Argentina will receive transaction information from overseas and share data related to domestic users with international regulators.
The country must also establish domestic regulations by 2028 to define data collection requirements and the rules under which virtual asset service providers submit information to tax authorities.
Purpose of the framework
CARF is intended to apply reporting standards to crypto-asset transactions that are similar to those used for fiat transactions, in support of tax authorities seeking to identify cross-border tax evasion.
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