Australia seeking advice from OECD: Australia, renowned for leading the world in the number of crypto ATMs, is currently seeking advice from an international organization on tax policy for cryptocurrencies. The Australian Treasury Department has requested the Organisation for Economic Co-operation and Development (OECD) to provide opinions before January next year to effectively implement tax regulations.

CARF framework and consultation goals: The OECD’s crypto asset reporting framework (CARF) is a tax transparency tool designed to help international agencies gather tax information from providers, such as cryptocurrency purchase transactions and consumer data for transactions over 50,000 USD. Authorities can share this information to ensure tax law compliance and prevent tax evasion.

Option of applying specific rules: The consultation is currently considering whether the government should follow OECD regulations or implement specific rules to focus on Australia’s unique data. If specific rules are chosen, Australia may add or adjust information fields to meet domestic tax authority requirements.

Crypto market in Australia: CARF will affect many cryptocurrency companies like exchanges, wallets, brokers, and ATM providers. According to a report from Swyftx, nearly 20% of Australia’s population owned cryptocurrencies, with an average profit of about 9,627 USD, a 17% increase from 2022. The number of investors is expected to exceed 2 million next year.