France to Exchange Tax Data on Crypto Assets

France will ratify the multilateral agreement on the Crypto-Asset Reporting Framework (CARF) starting November 26, 2024, allowing for the automatic exchange of tax data on crypto assets with signatory countries outside the European Union. The CARF, similar to the Common Reporting Standard (CRS) for bank accounts, will facilitate the systematic exchange of information between tax administrations. Since March, 76 members of the Global Forum have committed to implementing this standard, meaning that data collected through DAC8 starting January 1, 2026, can be exchanged beyond Europe. Reporting Crypto-Asset Service Providers (RCASP) will need to collect information about their clients, including their identity and tax residency. For French investors using platforms subject to the MiCA regulation, this information will be transmitted to the French tax administration and exchanged with other participating jurisdictions starting in 2027. According to the OECD, 47 jurisdictions plan to begin CARF exchanges as early as 2027, followed by 28 more in 2028, while the United States plans to implement it in 2029.

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