OECD releases global framework for exchange of info on cryptocurrencies

The exchange of information on cryptocurrency between countries will become automatic under the new framework propsed by OECD

The Organisation for Economic Cooperation and Development (OECD) has released a global tax reporting framework for cryptocurrencies. The framework will help keep track of cross-border transactions of crypto assets. 

The exchange of information between countries is proposed to be automatic under the new framework. Also, for due diligence, the exchanges will be asked to identify the customers. 

"The Crypto-Asset Reporting Framework (CARF) responds to a G20 request that the OECD develop a framework for the automatic exchange of information between countries on crypto-assets," OECD's statement read. 

The statement further added that crypto assets can be used for tax evasion because