OECD toughens up on crypto assets

Multiple-choice questions. In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please reread the article before attempting the questions again.

By July 2025, what was the value of the global cryptocurrency market?

1.4 trillion US dollars

14 trillion US dollars

4 trillion US dollars

4 billion US dollars

Which body introduced the CRS?

OECD

IFRS

EFRAG

IFRS

What was the aim of the CRS?

To reduce volatility in markets

To regulate crypto mining 

To centralise cryptocurrency

To deal with tax evasion and promote transparency

What is the effective date of the Crypto Asset Reporting Framework?

1 January 2025

31 July 2026

1 January 2026

1 January 2027

Why was CARF introduced?

CRS applies only to financial institutions

CRS applies only to G20 countries

None of the other answers

CRS excludes NFTs

Why are crypto assets a cause for concern?

They can be transferred without using traditional financial institutions

All of the other answers

There is no centralised authority

They can be used to evade tax

Which of the following crypto assets do not have to be reported under CARF?

All of the other answers

Specified electronic money products in a single fiat currency

Crypto assets that cannot be used for payment or investment purposes

Central bank-issued digital currencies

Which of the following transactions must be reported under CARF? 

All of the other answers

Exchanges between crypto assets and fiat currencies

Payments made using excluded crypto assets

Inter-bank fiat currency transfers

According to the OECD, how many jurisdictions have committed to implementing the framework by 2028?

More than 100

Which of the following is an example of a reporting crypto asset service provider?

Data transfer service provider

Crypto asset manager

Crypto miner

All of the other answers

1 Unit

OECD toughens up on crypto assets

By July 2025, what was the value of the global cryptocurrency market?

Which body introduced the CRS?

What was the aim of the CRS?

What is the effective date of the Crypto Asset Reporting Framework?

Why was CARF introduced?

Why are crypto assets a cause for concern?

Which of the following crypto assets do not have to be reported under CARF?

Which of the following transactions must be reported under CARF?

According to the OECD, how many jurisdictions have committed to implementing the framework by 2028?

Which of the following is an example of a reporting crypto asset service provider?

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