CARF/DAC8/Crypto Reporting

ALERT! The five-part series of CARF articles, "Old Tricks for New Dogs," published in Tax Notes International in 2023 and 2024, is now available in full below.
Please refer to MTL's Presentations page to find out where and when I will be speaking on CARF and DAC8 in 2025.

After many years of haphazard and uncoordinated efforts to tax and regulate crypto currencies and other digital assets, the major players – the IRS, the EU and the OECD – are engaging with the new financial ecosystem of digital assets. To that end, each key party launched or further established a tax reporting and disclosure regime for digital assets in 2023. The US Treasury published its draft broker reporting regulations, as amended to cover digital assets. The EU members states committed to implementation of DAC8, a cross-border disclosure regime for digital assets. The OECD finalized the Crypto Asset Reporting Framework (or CARF) to serve as the template for a global automatic exchange of information regime for digital assets or – as it is referred to colloquially – CRS for crypto.

CARFtools Store

CARFtools is your shop for all the tax and regulatory compliance materials you may need to fulfil your CARF, DAC8 and CRS 2.0 obligations. With our grand opening set for mid-2025, our customers will have ample time to design and implement their own compliance strategies using our materials.
CARFtools will offer the following types of products for sale on a standalone basis and as part of a subscription service:

Training materials - Including on-line videos from leading CARF experts
Technical and operational guidance - Featuring decision trees designed so that non-expert users can apply CARFs classification and definitions to their own circumstances
Written policies and procedures - Tailored to meet the specific demands of each implementing jurisdiction
Template self-certification forms - And other necessary supporting documentation
Third party delegation agreements and more...

All our products will save you time and expense versus developing the needed expertise in-house or purchasing external advisory services on the topic. If you wish to stay informed of CARFtools and its offerings, please sign up here.

View CARFtools Store

Old Tricks for New Dogs
In October 2023, Peter Cotorceanu and I launched a series of articles called Old Tricks for New Dogs in Tax Notes International, the leading periodical/website for international tax news, commentary and analysis. The series situated CARF within the existing financial disclosure landscape, where the "New Dogs" of crypto must now study the "Old Tricks" of CRS and FATCA. Our first article, published on 16 October 2023, examined the challenges faced and solutions adopted by the OECD in tailoring CRS’s rules for conventional financial operations to the digital asset ecosystem. The second article, published on 15 April 2024, introduced CARF’s “new dogs”, specifically exploring the definitional scope and corresponding compliance role of Reporting Crypto Asset Service Providers (RCASPs) under CARF. The third article, published on 30 September 2024, brought out the “old tricks”, specifically exploring the due diligence duties RCASPs. The fourth article, published on 4 November 2024, concluded on “old tricks”, with a review of the reporting, the ultimate aim of the regime. The fifth article, published on 9 December 2024, focused on enforcement and compliance.

Tax Notes International Article: Old Tricks for New Dogs, Part V: Enforcement and compliance

Tax Notes International Article: Old Tricks for New Dogs, Part IV: Reporting

Tax Notes International Article: Old Tricks for New Dogs, Part II

Tax Notes International Article Part I: Old Tricks for New Dogs: The OECD’s Cryptoasset Reporting Framework

Ripples in Still Water: Crypto Regulation by Litigation

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Tax Notes International Article: Old Tricks for New Dogs, Part III

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