Australia Introduces Tax Bill to Enable Cross-Border Exchange of Crypto Transaction Data
JH Kim
Summary
- The Australian government said it has prepared draft legislation to enable the exchange of cryptocurrency transaction data.
- It said the core of the bill is to incorporate the OECD's Crypto-Asset Reporting Framework (CARF) into domestic law.
- It said enactment of the bill would provide a legal basis for the exchange of cryptocurrency transaction data among participating countries.
Australia has drafted legislation to enable the cross-border exchange of cryptocurrency transaction data. The centerpiece is the adoption of the Organization for Economic Cooperation and Development's Crypto-Asset Reporting Framework, or CARF.
Cointelegraph, a crypto-focused media outlet, reported on October 15 that the Australian government introduced a bill to incorporate the OECD's CARF into domestic law.
The framework is an international standard that allows countries to collect information on cryptocurrency transactions and share it with other countries' tax authorities.
If enacted, the bill would give Australia a legal basis to exchange cryptocurrency transaction data with other participating countries.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.