Australia’s Treasury Department has released a consultation paper seeking feedback on applying an international reporting standard for cryptocurrency transactions. The initiative is part of a broader effort to enhance tax transparency and combat global tax evasion.

The consultation, launched on Nov. 21, focuses on implementing the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF). The OECD framework sets standardized rules for collecting tax data on crypto-asset transactions and sharing that information among tax authorities.

It's great to see Australia making strides to improve transparency in crypto transactions. Implementing standardized rules will be key to addressing tax evasion and fostering trust in the crypto space. Looking forward to how this develops!