Israel Adopts Tax Reporting Framework for Cryptocurrencies

Israel will adopt an international tax reporting framework for cryptocurrencies following an entreaty from the country’s comptroller.

The country will implement the OECD’s Crypto-Asset Reporting Framework, or CARF, starting in 2027, a press release from Israel’s Tax Authority said Wednesday.

CARF provides a set of rules on the collection of tax information from providers of crypto-asset transactions and its exchange between tax authorities.

“The rules, as established by the OECD, will help to increase the enforcement and collection of the Tax Authority on those operating in this sector, with the aim of giving the Tax Authority the tools to obtain the ...