Island signs up to new global crypto-asset reporting regime

First exchanges to take place in 2027

The Isle of Man has joined 47 other jurisdictions in committing to implement a new international standard on the automatic exchange of information between tax authorities.

The new standard, known as Crypto-Asset Reporting Framework or CARF, has been developed by the Organisation for Economic Cooperation and Development.

It means the Island will now work to build the new framework into domestic law in time for the first exchanges to take place in 2027.

Treasury Minister, Dr Alex Allinson says the move aligns with the Island's long-standing strategy of compliance with international tax standards, and will build on the successful implementation of the existing Common Reporting Standard.

While it's not thought many local businesses will need to report under the new standard, the Minister says it's vital the Island plays its part in ensuring the crypto-asset market does not enable tax evasion, and in facilitating tax compliance both at home and globally.