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A total of 48 countries, including the U.K. and Singapore have pledged to implement a tax-transparency standard from 2027. This initiative aims to facilitate the automatic exchange of information between jurisdictions, specifically targeting tax evasion on cryptocurrency exchanges. The agreement incorporates the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF), finalised in June, into the organization’s existing Common Reporting Standard (CRS). The CRS serves as an information standard for the automatic exchange of financial account-related information among tax authorities.

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