Replying to Avatar OpnState

Things are going to get even worse with the OACDs, C-A-R-F, or Crypto Asset Reporting Framework, which is set to go live in 2026.

Not only will all the names and identities of anyone who did a transfer in 2026 on an exchange be transferred, but also the balances, crypto asset type and transaction volumes also be transmitted and held.

It's still not too late for Trump to get out of that fucking commitment. But as of this state, I believe the US is a signatory. If Trump does not sign up with the other countries, then the US risks losing valuable data.

This is a whole other level of the trampling of our dignity and privacy.
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forwardsteps 🪢 7mo ago

Crazy. Australia too https://treasury.gov.au/consultation/c2024-598501

I hadn't heard of it and submissions were activated over Christmas and New Year Summer school holidays. How convenient for Treasury to do that. 🫤🥺

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OpnState 7mo ago

Australia and a hundred other countries will be participating in this program and it's all done quite surptitiously under the table because of the CRS system which is already in place for regular bank accounts. There is well over 100 jurisdictions who have signed up and are currently sharing your transactions with other countries for tax purposes.

They are just applying it to crypto now.