The United Arab Emirates have taken a step toward aligning digital asset policies with international tax standards after signing the agreement of competent multilateral authorities with automatic information exchange under the Crypto-Asset (CARF) reporting framework.
The UAE’s Ministry of Finance (MOF) announced The Agreement on Saturday, formalin the UAE’s promise to implement the organization for economic cooperation and development (OECD) global regime for reporting digital assets.
Carf creates a mechanism for automatic exchange of tax -related information in crypto asset activities between the participants. It boosts international cooperation with transparency and tax compliance.
MOF announced that the UAE will release the plot in 2027, with the initial exchange of information that is expected to begin in 2028.
Cointelegraph reached the UAE Ministry of Finance for more information, but did not receive a response through publication.
Public Consultation conducted
To prepare for the implementation, the UAE launched a public consultation to gather feedback from industry stakeholders, including exchanges, carers, entrepreneurs and advisory companies. The consultation was opened on September 15 and closed November 8.
The UAE Join 50 other constituents dedicated to carf implementation in the coming years, setting the stage for a global crypto reporting approach.
Countries like New Zealand, Australia And the Netherlands It is also focused on the plot.
On June 6, Switzerland also advanced to plans to automatically Share Crypto Tax Data with 74 partners in the country. The Swiss government has adopted a bill that will provide the automatic exchange of information, sharing data with most G20 countries.
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South Korea to join carf countries in sharing tax information
On September 2, South Korea Media Outlet Nate reported That the country also completed the agreement to implement the carf to share crypto tax data with participants.
The country’s national tax service will work with local crypto exchanges and international organizations to automatically share tax information.
In addition to participating in the Global Information Exchange Framework, the country has also cracked tax crypto assets.
On August 17, the city of Jeju of South Korea was engaged in freezing and Seizing crypto assets of users who are believed to be dodging tax requirements.
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