Could a New Crypto Tax Regulatory Framework in India Become the Global Standard? – BeInCrypto

A Crypto-Asset Reporting Framework (CARF) has been presented to the G20 countries by the Organization for Economic Co-operation and Development (OECD) for discussion at their upcoming meeting on Oct. 12–13.

The proposal is in response to the G20’s desire to prevent emerging technology from undermining the changes in international tax transparency requirements. Especially since Common Reporting Standards were brought in to increase tax transparency concerning financial accounts maintained overseas.

OECD Secretary-General Mathias Cormann said, “The Common Reporting Standard has been very successful in the fight against international tax evasion. In 2021, over 100 jurisdictions exchanged information on 111 million financial accounts, covering total assets of EUR 11 trillion,” further adding that the new framework for reporting on crypto-assets will further ensure that the tax transparency architecture is current and functional.

Why India plays a key role in crypto

The report also comes at a time of skyrocketing interest across the digital asset class, which has led to increased adoption globally. However, the regulatory shake-up has changed the crypto picture in countries like India.

In the Peer Review of the Automatic Exchange of Financial Account Information 2022, OECD found that India needs to improve its domestic framework regarding its Automatic Exchange of Information Stan