"Japan's National Tax Agency is preparing to implement the Crypto-Asset Reporting Framework, which will require crypto-asset service providers to identify users' tax residences and report certain transactions."
"The new rules aim to prevent crypto from being a borderless zone, ensuring that users cannot move assets without being visible to tax authorities."
"Under the CARF, reported information will include users' names, addresses, jurisdictions of residence, and foreign tax identification numbers, enhancing transparency in crypto transactions."
Japan is advancing its crypto regulation by implementing the Crypto-Asset Reporting Framework (CARF) to enhance tax compliance. This framework, effective from January 1, 2026, mandates crypto-asset service providers to identify users' tax residences and report specific transaction details. The initiative aims to prevent tax evasion by ensuring that digital asset activities are visible to tax authorities. The information reported will include users' personal details and transaction specifics, facilitating international cooperation in tax reporting and surveillance of crypto activities.
Read at news.bitcoin.com
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