Public Input Sought for Australia’s OECD Crypto Tax Plan

Australia Considers Tax Framework for Crypto Assets

In response to the growing popularity of cryptocurrencies, Australia's Treasury Department has launched a public consultation on the implementation of the Organisation for Economic Co-operation and Development's (OECD) Crypto-Asset Reporting Framework (CARF).

This move follows global efforts to establish regulations and impose taxes on digital assets. Australia, with its significant number of cryptocurrency users, aims to strengthen its financial system and curb tax avoidance activities related to cryptocurrencies.

The consultation paper seeks public feedback on the potential impact of CARF on the domestic tax regime. If implemented, crypto intermediaries such as exchanges and wallet providers will be required to report certain crypto transactions to tax authorities, including details of crypto asset purchases and sales. CARF reporting is anticipated to commence in 2026.

Australia ranks among the countries with the highest proportion of cryptocurrency owners, with approximately 5.5 million Australians holding digital assets. Dogecoin is among the most popular cryptocurrencies in the country, along with Bitcoin.

Industry experts predict continued growth in the Australian crypto market, citing the increasing adoption of crypto technologies and the rise in Bitcoin's value. Despite the Australian Securities and Exchange Commission's strict stance on cryptocurrencies, the market is expected to expand at an accelerated rate.

Recent developments, such as the acquisition of an Australian brokerage firm by Singapore-based crypto platform Crypto.com, underscore the growing influence of cryptocurrencies in the country.