Q. What is the full form of CARF?
Answer: Crypto-Asset Reporting Framework
Notes: Organization for Economic Cooperation and Development released Crypto Asset Reporting Framework. It provides for reporting tax information on transactions in Crypto-Assets in a standardized manner. CARF intends to combat international tax evasion using digital assets like Cryptocurrency. Under CARF, due diligence procedures are followed for the identification of both individual and entity customers. CARF is in line with the common reporting standards of the OECD.