OECD Releases First FAQ on CARF

In September 2024, the Organisation for Economic Co-operation and Development (OECD) released its first Frequently Asked Questions (FAQ) on the Crypto-Asset Reporting Framework (CARF), often referred to as the "crypto version of CRS." The primary purpose of this FAQ is to ensure consistency in the implementation of CARF and to address key questions.

At present, the FAQ is a modest three pages long—significantly shorter than its sibling, the CRS FAQ, which, as of May 2024, spans 24 pages. Considering that crypto assets are inherently more complex than traditional financial assets, this brevity is striking. However, don’t worry—OECD is currently working on more detailed FAQs addressing CARF’s application to non-custodial and decentralized services. We can expect these FAQs to become increasingly comprehensive over time.

In this article, we will break down the key points from this inaugural CARF FAQ.