Summary
- It reported that Switzerland has confirmed delaying the introduction of the virtual assets automatic exchange of information system (CARF) by one year.
- It noted that CARF is an international cooperative framework led by the Organisation for Economic Co-operation and Development (OECD) in which countries share virtual asset account information and transaction records.
- Seventy-five countries including Switzerland have signed to adopt it, and South Korea also said it will pursue domestic legal revisions to exchange information starting in 2027.
Switzerland has decided to postpone the introduction of the automatic exchange of information system (CARF) for virtual assets (cryptocurrencies) by one year.
According to Cointelegraph on the 27th (local time), the Swiss government has finalized a plan to enact CARF-related legislation on January 1 next year and then implement it at least one year later. A primary factor cited for the delay is that Swiss authorities suspended the procedure to review the countries subject to information exchange.
CARF is an international cooperative framework established by the Organisation for Economic Co-operation and Development (OECD) to prevent tax evasion through virtual asset platforms. Participating countries will mutually share virtual asset account information and transaction records. Currently, 75 countries including Switzerland have signed, aiming to adopt it within the next 2–4 years.
South Korea also signed CARF in November last year and has stated it will pursue domestic legal revisions and individual consultations with signatory countries to exchange virtual asset transaction information starting in 2027.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
