The group voted for a declaration to give tax authorities greater visibility into crypto transactions. But it likely won't go into force for years.
Leaders of the Group of 20 nations agreed to give global tax authorities greater insight into cryptocurrency transactions, a sign of emerging international cooperation on crypto—even if it takes years to implement.
“We continue to closely monitor the risks of the fast-paced developments in the crypto-asset ecosystem,” the G20 declaration read, backing the Financial Stability Board’s latest high-level recommendations for the regulation, supervision, and oversight of crypto markets and stablecoins. The G20 declaration called for the swift implementation of measures suggested last year by the Organization for Economic Cooperation and Development. That includes the Crypto Asset Reporting Framework, or CARF, which has measures for global tax authorities to share information on crypto transactions between exchanges and wallets in a bid for more holistic tax coverage of digital assets.
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