Photo by Pierre Borthiry - Peiobty from Unsplash

Singapore vows to implement Crypto Asset Reporting Framework

It mulls to transpose CARF into domestic law by 2027.

Singapore and 47 other jurisdictions vowed to begin automatic exchanges in crypto-asset reporting based on the internationally agreed Crypto-Asset Reporting Framework (CARF) by 2027.

The CARF provides for the automatic exchange of tax-relevant information on Crypto-Assets. It also seeks to address the rapid growth of the crypto-asset market to ensure recent gains in global tax transparency are not gradually eroded.

Singapore follows internationally agreed standards for the Exchange of Information (EOI) for tax transparency. 

It is a member of the Global Forum on Transparency and Exchange of Information for Tax purposes.

IRAS will work with the industry to provide guidance for CARF implementation in Singapore.

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