G20 countries will monitor every cryptocurrency transaction

G20 leaders are actively promoting the idea of an international standard for crypto assets. At a two-day summit in the Indian capital, New Delhi, it was announced that a group would be created to facilitate the exchange of information on cryptocurrency assets between countries starting in 2027.

«We call for the swift implementation of the Crypto Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS). We request the Global Forum on Tax Transparency and Exchange of Information to determine an appropriate and agreed timetable for the commencement of exchanges by relevant jurisdictions,» the declaration signed by the G20 leaders reads.

The regulation will affect many countries, including the European Union, Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Russian occupiers, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.

The Crypto Asset Reporting Standard was first introduced by the Organization for Economic Cooperation and Development in October 2022. The document aims to provide tax authorities with more opportunities to control crypto transactions and their participants.

According to the proposed initiative, countries will automatically exchange information on crypto transactions on an annual basis. This applies to transactions on unregulated crypto exchanges and crypto wallet providers.

The G20 group also supported the recommendations of the Financial Stability Board on «regulation, supervision and control of activities in the field of cryptoassets and global stablecoins.» The document proposes to set standards for stablecoins similar to commercial banks and to prohibit any activity that complicates the identification of participants in financial transactions.