Singapore to Implement the Crypto-Asset Reporting Framework (CARF) as Early as 2027

On 27 November 2024, the Inland Revenue Authority of Singapore (“IRAS”) announced on its website that Singapore will implement the Crypto-Asset Reporting Framework (“CARF”), also known as the "crypto version of the Common Reporting Standard (“CRS”)," by 2027 or 2028. Let’s take a closer look at the key points from their press release.

I. Singapore’s Commitment to CARF

On 26 November 2024, Singapore joined 60 other jurisdictions in committing to implement CARF during the 17th Global Forum Plenary Meeting held in Asuncion, Paraguay. According to the Global Forum’s CARF commitment process, Singapore has been identified as one of the 52 jurisdictions associated with CARF in 2024. It is expected to begin exchanging information under CARF by 2027 or, at the latest, 2028. The Global Forum will closely monitor and update the list of jurisdictions to reflect developments in the crypto-asset industry.