Singapore vows to implement Crypto Asset Reporting Framework

It mulls to transpose CARF into domestic law by 2027.

Singapore and 47 other jurisdictions vowed to begin automatic exchanges in crypto-asset reporting based on the internationally agreed Crypto-Asset Reporting Framework (CARF) by 2027.

The CARF provides for the automatic exchange of tax-relevant information on Crypto-Assets. It also seeks to address the rapid growth of the crypto-asset market to ensure recent gains in global tax transparency are not gradually eroded.

Singapore follows internationally agreed standards for the Exchange of Information (EOI) for tax transparency. 

It is a member of the Global Forum on Transparency and Exchange of Information for Tax purposes.

IRAS will work with the industry to provide guidance for CARF implementation in Singapore.