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Guernsey and Jersey have signed an agreement with 46 other countries and jurisdictions to enable better regulation of crypto currency assets.
The Crypto-Asset Reporting Framework (CARF) has been developed by the Organisation for Economic Co-Operation and Development (OECD).
The Channel Islands join jurisdictions such as Singapore and the UK in signing up to the Framework.
"The Channel Islands’ participation in the CARF underscores the jurisdictions’ commitment to international tax transparency, which is long established and a real benefit for the islands on the international stage,” said Head of New Business at Newgate Compliance, Alison Dodd.
“Following the Framework developed by the OECD and collaborating with jurisdictions around the world reflects a collective drive to combat tax avoidance in the dynamic and fast-evolving crypto asset landscape. Implementing the CARF aligns the Channel Islands with global standards, ensuring tax compliance and fostering trust for the jurisdiction and its clients."
Pictured top: Alison Dodd.
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