The UAE has taken a key step towards aligning its digital asset policies with international tax standards by signing the Multilateral Competent Authority Agreement (MCAA) under the Crypto Asset Reporting Framework (CARF).
The UAE Ministry of Finance (MOF) announced the agreement on Saturday, formally establishing the UAE's commitment to implementing the OECD's global digital asset reporting regime.
CARF creates a mechanism for participating countries to automatically exchange tax-related information on crypto asset activities. This mechanism enhances international cooperation in terms of transparency and tax compliance.
The Ministry noted that the UAE will implement the framework in 2027, with the first information exchange expected to start in 2028.
Cointelegraph has reached out to the UAE Ministry of Finance for more details, but has not received a response as of the time of publication.
To prepare for the implementation, the UAE has launched a public consultation to gather feedback from industry stakeholders, including exchanges, custodians, traders, and consulting firms. This consultation began on September 15 and will continue until November 8.
The UAE has joined 50 other jurisdictions committed to implementing CARF in the coming years, laying the groundwork for a global crypto tax reporting framework.
Countries such as New Zealand, Australia, and the Netherlands have also committed to adopting the framework.
On June 6, Switzerland similarly advanced plans to automatically share crypto-related tax data with 74 partner countries. The Swiss government passed a bill to enable automatic information exchange, sharing data with most G20 countries.
On September 2, South Korean media outlet Nate reported that the country has finalized an agreement to implement CARF and share crypto tax data with participating jurisdictions.
The South Korean National Tax Service will collaborate with local crypto exchanges and international organizations to automatically exchange tax information.
In addition to participating in the global information exchange framework, South Korea has also intensified its crackdown on tax evaders' crypto assets.
On August 17, Jeju Island in South Korea began freezing and seizing crypto assets believed to be used to evade tax requirements.
Related: The first offshore RMB stablecoin is launched, intensifying the digital geopolitical competition.
Original: “UAE Signs Crypto Tax Data Automatic Exchange Agreement”
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