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International crypto tax evasion deal agreed

International crypto tax evasion deal agreed

Nearly 50 countries - including the US, UK, Brazil and Japan - have signed up to new standards starting in 2027 designed to combat cryptocurrency tax evasion.

The OECD's Crypto-Asset Reporting Framework will require crypto platforms to share taxpayer information with tax authorities.

The UK government says that the standard could potentially recoup hundreds of millions of pounds in lost revenue.

“Today we are sending out a strong message that we will not allow criminals to use crypto to avoid paying their fair share,” says Financial Secretary to the Treasury, Victoria Atkins.

The 48 signatories to the agreement encouraged other countries to join them. China, India and Russia are among the major crypto markets that have not signed on.

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