OECD released CARF

Current Context: Organization for Economic Cooperation and Development released Crypto Asset Reporting Framework.

• It provides for reporting tax information on transactions in Crypto-Assets in a standardized manner.
• CARF intends to combat international tax evasion using digital assets like Cryptocurrency.
• Last year, the crypto industry went from $715 billion to almost $ 3trillion in market capitalization.
• Under CARF, due diligence procedures are followed for the identification of both individual and entity customers.
• CARF is in line with the common reporting standards of the OECD.
• Static part- CRS was published by OECD in 2014 and it is made to ensure transparency on cross-border financial investments and to deal with offshore tax evasion.

Question:

Q.1 What is the full form of CARF?
a. Crypto-Asset Reforming Framework
b. Crypto-Assets Regulating Framework
c. Crypto-Asset Reporting Framework
d. Cryptocurrency-Asset Reporting Framework