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Belize joins fellow cryptocurrency markets in implementing worldwide standard for asset reporting and regulation

Posted: Friday, November 10, 2023. 5:28 pm CST.

By Aaron Humes: The Financial Services Commission (FSC) of Belize, on behalf of the Government, has joined an international standard for automatic exchange of information between tax authorities in countries with active cryptocurrency markets – the Crypto-Asset Reporting Framework (CARF).

A joint statement issued today states that the Framework, which establishes a common reporting standard (CRS) for crypto-asset reporting, will ensure tax compliance and clamp down on tax evasion, which reduces public revenues and increases the burden on those who pay their taxes, if widely, consistently and timely implemented. It was formulated by the Organization for Economic Co-operation and Development (OECD).

The agreeing jurisdictions will work toward transposing the CARF to their domestic laws and activating exchange agreements by 2027 subject to national legislative procedures as applicable, while those who are signatories to the CRS will also implement amendments as agreed by the OECD earlier this year.

In the Americas, Belize is joined in the CARF agreement by Barbados, Brazil, Canada, Chile, Mexico, and the United States as well as the United Kingdom and its Overseas Territory of the Cayman Islands. Notably not listed is El Salvador, which under President Nayib Bukele has converted to using Bitcoin as legal tender, one of only two countries in the world to do so.

 

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