Azerbaijan joins OECD’s Crypto-Asset Reporting Framework

The Azerbaijani government has initiated the relevant procedures to join the Crypto-Asset Reporting Framework (CARF) of the Organization for Economic Cooperation and Development (OECD) in order to participate in the exchange of information on crypto-asset transactions and strengthen the fight against tax evasion, the Azerbaijan State Tax Service (STS) told Report.

According to the STS under the Economy Ministry, international control mechanisms in this area are also being expanded against the backdrop of the rapid development of the digital economy.

After the process of joining CARF is completed, tax authorities of foreign countries will automatically provide information about the income earned by Azerbaijani citizens from cryptocurrency to the State Tax Service. This will allow both increasing transparency and strengthening control over cryptocurrency operations.

Those who earn income by purchasing cryptocurrency in Azerbaijan will have to pay taxes.