Nearly 50 countries, including the US, UK, Brazil, and Japan, have committed to new standards set to take effect in 2027, aimed at combating cryptocurrency tax evasion.
The OECD’s Crypto-Asset Reporting Framework will mandate that crypto platforms share taxpayer information with tax authorities. The UK government projects that this standard could recover hundreds of millions of pounds in lost revenue.
“Today we are sending out a strong message that we will not allow criminals to use crypto to avoid paying their fair share,” stated Victoria Atkins, the Financial Secretary to the Treasury.
The 48 countries that have signed the agreement are encouraging other nations to join, although major crypto markets such as China, India, and Russia have not yet committed.