Many countries are formulating rules and regulations for the cryptocurrency sector. El Salvador is one of the few countries that has legalized Bitcoin by adding a Bitcoin Law to its constitution.
Following the spring budget speech on February 06, 2024, the United Kingdom unveiled a consultation on its plan to implement the Organization for Economic co-operation and Development (OECD) crypto reporting framework.
As per the claims of the government’s finance arm, the treasury projected in its budget that enforcing the crypto reporting framework could draw in £35 Million between 2026 and 2027 and £95 Million between 2027 and 2028.
The website of the United Kingdom government states that “OECD Automatic Exchange of Information (AEOI) agreements are a key method by which the UK tackles offshore tax evasion. The Crypto Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS2) is the latest AEOI package that ensures we close gaps in existing
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