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First exchanges by 2027 (46 jurisdictions)
26 of the 27 EU member states (via DAC8), United Kingdom, Ireland, Japan, South Korea, Brazil, Cayman Islands, and South Africa, among others
Preparing for compliance with the OECD's Crypto-Asset Reporting Framework (CARF)
In response to the rapid expansion of the digital asset market, the G20 mandated the OECD in April 2021 to develop a dedicated global tax transparency framework. This led to the creation of the Crypto-Asset Reporting Framework (CARF), finalized in June 2023 to standardize and automate the global tax-data exchange for crypto assets.
Implementation is rolling out in phases, with jurisdictions committing to their first information exchanges in 2027, 2028 or 2029. For the 46 first-wave jurisdictions exchanging data by 2027, domestic due diligence and data collection began on January 1, 2026, with initial reports due to national authorities in 2027.
Developed by the OECD, the Crypto-Asset Reporting Framework (CARF) is the global standard for the automatic exchange of tax information on crypto-asset transactions. It extends the transparency principles of the Common Reporting Standard (CRS), which applies to traditional financial accounts, to the crypto-asset sector. This addresses the critical reporting gap created as transactions moved outside traditional financial intermediaries.
Under CARF, Reporting Crypto-Asset Service Providers (RCASPs) must identify their users, report specified transactions annually, and ensure that information is automatically exchanged with the tax authorities where each user is tax resident.
CARF was developed to close a growing transparency gap, as crypto-asset activity increasingly moves outside the traditional financial intermediaries that regimes like the CRS rely on. This shift, often anonymous and cross-jurisdictional, limits tax authorities' visibility and creates risk that crypto-assets are used to evade tax obligations.
Beyond that, the OECD's stated objectives are to:
To address the tax evasion and avoidance risks created by the increased use of crypto-assets at an international level, the OECD worked with G20 countries to develop the Crypto-Asset Reporting Framework (CARF), which extends Automatic Exchange of Information (AEOI) between tax authorities to the crypto-asset sector.
Crypto-Asset Reporting Framework: 2025 Monitoring and Implementation Update, OECD 2025
CARF applies to Relevant Crypto-Assets, starting from a broad base: any digital representation of value on a cryptographically secured distributed ledger. From that base, three categories are excluded: assets that cannot be used for payment or investment (e.g., closed-loop assets), Central Bank Digital Currencies (CBDCs), and specified e-money products. CBDCs and e-money products are excluded for a different reason — they're already covered under the amended CRS.
What remains covers fungible crypto-assets and relevant non-fungible tokens (NFTs), including:
CARF requires granular, transaction-level tracking across three categories of activity: exchanges between crypto-assets and fiat currencies, exchanges between different crypto-assets, and transfers of relevant crypto-assets (including reportable retail payment transactions). RCASPs then report this data to tax authorities in aggregate, by user, asset type, and transaction type.
The obligation falls on RCASPs — any individual or entity that, as a business, provides a service effectuating exchange transactions for customers, whether as a counterparty, an intermediary, or by making a trading platform available. This includes centralized exchanges, distributors, brokers and dealers, certain custodial wallet providers, NFT marketplaces, and DeFi platforms with an identifiable operator.
As the OECD notes, RCASPs are defined in a functional manner: the category covers both individuals and entities that effectuate exchange transactions in Relevant Crypto-Assets, regardless of whether they are classified as Financial Institutions. Traditional Financial Institutions, including banks and investment funds, can qualify too, if they offer crypto-asset exchange or custody services directly.
The core obligations of a Reporting Crypto-Asset Service Provider include:
An RCASP is subject to reporting where it has a nexus: where it is incorporated/organized (or otherwise tax-obligated), managed from, or maintains a regular place of business, with a hierarchy of rules to prevent duplicative reporting. As of the OECD's latest commitment list (23 June 2026), 76 jurisdictions have committed:
26 of the 27 EU member states (via DAC8), United Kingdom, Ireland, Japan, South Korea, Brazil, Cayman Islands, and South Africa, among others
Switzerland, Canada, Singapore, Australia, Hong Kong (China), the United Arab Emirates, Bahrain, Cyprus (the sole EU member state in this later wave), and Türkiye, among others
United States
Argentina, El Salvador, Georgia, India, Viet Nam
Jurisdictions committed to implement the Crypto-Asset Reporting Framework (CARF), OECD - last update: 23 June 2026.
Within the EU, CARF has been legally codified through the Eighth Directive on Administrative Cooperation (DAC8), the EU's implementation of CARF. DAC8 requires crypto service providers to report on EU-resident users regardless of where the provider is based, and operates alongside MiCA. It also updates DAC2/CRS rules to cover a broader range of digital assets, including CBDCs and e-money, forming a standardized "CRS 2.0" approach.
Key EU dates:
DAC8 reporting must be conducted using a standardized XML format aligned with the OECD's CARF and CRS schemas.
The UK is in the 2027 first-exchange wave. UK-based RCASPs must collect data on all their users but only need to report on those who are tax resident in the UK or another CARF-participating country. HMRC then exchanges the relevant data with partner tax authorities.
Key UK dates:
Reports must be filed as an XML file, so firms need structured, high-quality data from day one. Find out when and how to report to HMRC under the Cryptoasset Reporting Framework (CARF).
Together, CRS 2.0, CARF, and DAC8 fold traditional finance and digital assets into a single, non-overlapping reporting ecosystem. CARF targets the transactional layer, requiring RCASPs to report direct crypto transactions, while CRS 2.0 modernizes the custodial layer, requiring financial institutions to report cash equivalents, e-money and CBDCs, alongside indirect crypto exposures. In Europe, DAC8 is the legislative vehicle transposing both standards into unified EU law.
Under CARF's nexus rules, compliance follows users and activity, not just legal structure. In practice, besides CARF the same business may also face DAC8 in the EU, CRS 2.0 for cash-equivalent and custodial reporting, and Form 1099-DA in the US. Meeting these obligations globally means standardizing core processes where regimes align while localizing where they diverge, on one platform that unifies every regime and eliminates fragmented systems.
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