cryptojournalist
In November, the Netherlands took an important step by signing on to the Crypto-Asset Reporting Framework (CARF), which was developed by the Organization for Economic Cooperation and Development (OECD). This framework is part of a broader global effort to improve transparency in the world of cryptocurrency, helping to ensure that transactions are reported accurately and consistently.
One key aspect of the proposed legislation is that it mandates sharing data collected by crypto service providers with non-EU countries that have also agreed to the CARF framework. This means that important financial information will be accessible to major countries like the United States, the United Kingdom, Canada, Australia, and Singapore, fostering international cooperation in the crypto space.
The Dutch government is actively seeking public input on these proposed rules, encouraging citizens, businesses, and stakeholders to share their thoughts and concerns by November 21. After gathering this feedback, the government plans to finalize the regulations and submit the bill to the House of Representatives in the second quarter of 2025, marking a significant move toward greater accountability and regulation in the cryptocurrency market.
Footnotes:
Crypto-Asset Reporting Framework (CARF): Guidelines designed to enhance the reporting and transparency of cryptocurrency transactions across different jurisdictions.
OECD (Organization for Economic Cooperation and Development): An international organization dedicated to promoting economic cooperation and development among its member countries.
