CARF/CRS - Overview

The Crypto-Asset Reporting Framework (CARF) and Common Reporting Standard (CRS/CRS 2.0) are OECD-developed frameworks requiring Reporting Crypto-Asset Service Providers (RCASPs) and Financial Institutions (FIs) to collect, validate, and report user account and transaction data to their local tax authority for automatic exchange with other participating jurisdictions.

CARF applies to RCASPs and covers reportable crypto-asset transactions including exchanges (crypto-to-fiat and crypto-to-crypto), transfers, and certain retail payment transactions. CRS 2.0 expands the original CRS to include e-money products and CBDCs, and updates due diligence procedures for crypto-asset accounts.

TaxBit supports CARF/CRS reporting across multiple jurisdictions. Please reach out to your account team for information on currently supported jurisdictions and applicable implementation timelines.

Note that certain accounts may be excluded from reporting based on entity classification or applicable exemptions under each jurisdiction's implementing rules.

Deadlines

Deadlines vary by jurisdiction and are subject to change as local implementing legislation is finalized. Please refer to your account team or the resources below for jurisdiction-specific filing and recipient copy deadlines.

If a deadline falls on a weekend or holiday, it will generally be extended to the next business day. Extension availability varies by jurisdiction.

Resources

For more information related to CARF/CRS Reporting, see below:

Below are the applicable CSV Ingestion Templates:

Data Requirements

See below for all of the required data elements for completing CARF/CRS reporting.

Filing Entity

The legal entity responsible for the reporting will be the filing entity. The information listed below must be submitted through the Taxbit Dashboard.

For more information on Filer setup, please refer to this guide: Filer Setup

Field Name	Required
Name	Required
Address	Required
Tax Residency	Required
TIN	Required
Contact Name	Required
Contact Phone Number	Required

Please note: If there are multiple filers, please ensure that you are using the correct filer ID for the associated account(s).

Account Owner / Account

For ingestion purposes, the only data point required to create/update an Account Owner is the Account ID. This allows you to add all of your users to the Dashboard, even while you may still be collecting additional information. There will be reports available in the Dashboard to let you know if something is missing for an Account that is eligible for a tax form.

For more information on formatting the Account Owner/Account CSV templates, please refer to this guide: CARF/CRS Account Owner/Account CSV Ingestion Template Guide

The following table, however, summarizes the required fields needed to complete CARF/CRS reporting.

Field Name	Required
Account Owner ID	Only required if you have Account Owners with multiple Accounts
Account ID	Required
Name	Required
Joint Account Number	If Applicable
Address	Required
Date of Birth	Only required for individuals
Tax Residency	Required
TIN	Required
CARF/CRS Classification	Required
Self-Certification on file indicator	Only required for CRS
Account Type	Only required for CRS
Account Establishment Date	Only required for CRS
Account Closed Date	Only required for CRS
Filer ID	Only required if you have multiple Filers

Note that there are other fields on the Account Owner / Account model that are not listed here, as they are not required for CARF/CRS reporting.

To the extent any of the Account Owners have a classification of Passive NFE, or Investment Entity in a Non-Participating Jurisdiction, the same information above will need to be provided for each Controlling Person of the Account Owner.

For CRS only, in addition to the above, after the end of the year, the fair market value of the Account will also need to be provided.

Field Name	Required
Account ID	Required
End of year fair market value of the Account	Required

Transactions

For CARF specifically, we’ll need to ingest all of the transactions for each account. Nearly all of the transaction types we support are relevant for CARF reporting, provided you support them on your platform.

For CRS reporting, no additional information is required outside of the data sent to the Account Owner above.

Field Name	Required
Account ID	Required
Transaction ID	Required
Date and Time	Required
Transaction Type & Subtype	Required See here for all available transaction types
Received Asset Quantity, Currency, and Rate/Value	Only required for certain transaction types
Sent Asset Quantity, Currency, and Rate/Value	Only required for certain transaction types
Fee Asset Quantity, Currency, and Rate/Value	If Applicable
Value Currency	Required