Anyone ever heard of CARF? It bears looking into as it’s in the Canadian Federal budget.

The federal budget formalizes the Canada Revenue Agency's oversight of the implementation of crypto reporting standards agreed to by OECD nations in 2022 called the Crypto-Asset Reporting Framework (CARF). Canada is one of 48 signatories who have committed to implementing CARF by 2027.

​

• Who’s on the hook? Crypto exchanges, custodians, and wallet providers.
• What needs to be reported?
  
  • Identity: User details like name, address, and tax identification number.
  • Account information: Account numbers, types of crypto-assets held, and balances.
  • Transaction details: Dates, types, and values of crypto purchases, sales, transfers, and even income earned through staking or lending crypto assets.
• KYC procedures. To ensure the accuracy of reported data, DAC8 emphasizes robust KYC procedures. CASPs will need to verify user identities and determine their tax residency status.
• Deadlines. EU member states are required to implement DAC8 into their national laws by December 31, 2025, and crypto asset service providers must comply with its reporting obligations starting January 1, 2026.