The new Crypto Asset Reporting Framework may signal ChokePoint 3.0, raising concerns over privacy, data security, reporting accuracy, and the potential for wrongful assessments due to incomplete or misinterpreted information.
My latest in Forbes.
#Bitcoin
Good article, though in my opinion you didn't bash Carf enough! It's the governments responsibility to ensure they are able to collect tax revenue, and not only does this pass the buck to companies, it means all wallets and exchanges will be sending information on us to domestic and FOREIGN tax authorities. The OECD is the ebtoty responsible for the FATF and through that, all anti money laundering bullshit we see today.
Huge red flag.
I share your concerns, but I need to approach these topics carefully.
Aye, I fully understand. That's why I opted to go anon, so I can speak my mind. I've been focused on FATF on my line of work but I think I'm going to start volunteering for OECD related projects. I know my country was looking at implementing carf earlier this year.
I started as a nym, but CityAM wouldn’t post a CBDC article I wrote unless I doxxed myself.
Amazing work. Will you keep me posted on your findings?
"By mandating that exchanges, wallet providers, and payment processors report details on user balances and transactions..."
My wallet provider is me. I wrote my own wallet. What now?
If you built a custom wallet and act as your own provider, CARF likely wouldn’t apply to you directly. CARF targets Reporting Crypto-Asset Service Providers, such as exchanges and third-party wallet providers, not individuals managing their own wallets.
However, any interaction with a CARF-covered entity (e.g., sending funds to an exchange) would still be reported by that entity. You may still be required to self-report your transactions and holdings to comply with tax laws in your country.
While CARF doesn’t currently target self-hosted wallets, I believe regulators could look to close gaps.
