The OECD releases the final guidance on CARF and amendments to CRS

19 October 2022 - On 10 October 2022, the Organisation for Economic Co-operation and Development (OECD) released the final guidance on the Crypto-Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS). The initial draft was released as a public consultation document on 22 March 2022, with a request for industry comments. Having received feedback in writing and at the public forum in May, the OECD has now published the final guidance. 

These rules establish new Crypto-Asset due diligence and reporting requirements under CARF and amend existing due diligence and reporting requirements under CRS. These amendments bring new financial products and intermediaries in scope and are aimed at further improving the operation of CRS.

The CRS changes will primarily impact financial institutions, however the CARF rules are much wider in scope and impact Crypto-Asset service providers. In this document we provide a summary on the CRS amendments and an overview of the key elements introduced within the CARF rules.