⚠️United Arab Emirates 🇦🇪join international initiative on tax debt and crypto information exchange

⚠️United Arab Emirates 🇦🇪join international initiative on tax debt and crypto information exchange

The agreement is part of the Crypto-Asset Reporting Framework (CARF), developed by the Organisation for Economic Co-operation and Development (OECD). It covers both traditional centralized exchanges and other digital asset service providers subject to the new reporting regime.

▶️The standard, adopted by the OECD in 2023, is modeled on the existing CRS system and establishes the automatic exchange of tax information on crypto assets.

▶️Dubai hosts the regional headquarters of major exchanges such as OKX, Bybit, Crypto․com, and Binance, with local subsidiaries licensed by the regulator VARA.

▶️To reflect market input, the UAE Ministry of Finance has launched public consultations running until 8 November. Implementation of reporting requirements will begin in 2027, with the first data exchange scheduled for 2028.

▶️Around 60 jurisdictions have already signed on to the project, including the United Kingdom 🇬🇧, Switzerland 🇨🇭, Singapore 🇸🇬, Germany 🇩🇪, Canada 🇨🇦, Australia 🇦🇺, and South Korea 🇰🇷.

#Middle_East #news #crypto

🏦Payouter.com — reliable payment partner in the CIS and 🇮🇳India: Intent, UPI P2C conversion 54% on FTD