Chile approves the OECD Crypto Asset Information Framework (CARF) to strengthen fiscal transparency

Chile approves the OECD Crypto Asset Information Framework (CARF) to strengthen fiscal transparency in response to the growth of crypto assets and financial digitization.
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In Chile, the Ministry of Finance announced the approval of the Crypto Asset Information Framework (CARF) by the OECD Committee on Fiscal Affairs. This new standard responds to the growing digitization of financial markets and the rise of crypto assets, aiming to preserve advances in global fiscal transparency.

The CARF, based on the Common Reporting Standard (CRS), aims to facilitate its implementation in various jurisdictions and tax administrations. Its widespread application will strengthen the ability to ensure tax compliance and combat tax evasion, contributing to the stability of public revenues and the relief of the tax burden for compliant taxpayers.

Mario Marcel, leader of the Ministry of Finance, emphasized the importance of CARF in the context of the rapid development of the crypto asset market. The ministerial portfolio expressed satisfaction, highlighting that the implementation of CARF will contribute to maintaining the constantly evolving global fiscal transparency.

Signatory countries expressed their intention to implement CARF in their national legislations, with exchange agreements expected to enter into force in 2027, subject to national legislative processes. Additionally, the choice to implement amendments to the Common Reporting Standard according to the schedule and national legislative procedures was emphasized, in line with international standards, to combat tax evasion related to crypto assets.

Maria Fernanda Juppet, CEO of CryptoMarket, highlighted the importance of automatic information exchange to expedite audit processes and make them more efficient, emphasizing the need to adequately handle and protect financial consumer data.

Regarding the deadlines for the entry into force of agreements, Juppet mentioned the ambitious timelines, noting that global implementation by 2027 requires support from all stakeholders. She emphasized the importance of Chile playing a leading role. She advocated for dialogues and participation to enrich the proposal’s content, citing the working groups generated by the CMF under the Fintech law as an example.

Mauricio Benítez, director of CryptoMarket, highlighted the familiarity of Chileans with multilateral agreements and global legislation. He compared CARF with previous agreements and emphasized Chile’s willingness to join the global initiative, highlighting the relevance of the Crypto Asset Information Framework.

The Ministry of Finance reported that several countries and territories signed the commitment agreement to the OECD, including Armenia, Australia, Austria, Brazil, Canada, Chile, Spain, and the United States, among others.

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