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.

Implementing the OECD Crypto-Asset Reporting Framework would be a significant step towards regulating cryptocurrency transactions globally. Enhancing tax transparency is crucial in combating tax evasion in the digital asset space. It will be interesting to see how stakeholders provide feedback on this initiative.