Ai Focus
According to Cointelegraph, the Australian Treasury has released a draft law proposing to incorporate the OECD's "Framework for the Reporting of Crypto-Assets" into domestic legislation. The bill is open for public comments until October 28th, and it will also establish a separate local reporting system for crypto-assets. Under this framework, crypto-service providers will collect user and transaction data and submit it to tax authorities, which can then share this information with other participating countries. Australia first indicated its intention to adopt this framework in November 2023 and began consultations on the system design by the end of 2024. Cross-border sharing of crypto-tax data is expected to commence in 2028.
According to Cointelegraph, the Australian Treasury has released a draft law proposing to incorporate the Organization for Economic Co-operation and Development (OECD)’s ( OECD) Framework for Reporting on Crypto-Assets ( CARF) into domestic legislation.
A draft bill titled "2026 Fiscal Law Amendment: Tax Information Declaration" is now open for public feedback, with the deadline being October 28th.
In addition to CARF, the bill will also establish a separate local reporting system for crypto assets.
According to this framework, encryption service providers will collect user and transaction data and submit it to tax authorities; the tax authorities can then share this information with other countries participating in the framework.
Australia first stated its intention to adopt CARF in November 2023, and began consulting on the specific implementation plan by the end of 2024.
The cross-border sharing of encrypted tax data is expected to begin in 2028.
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