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Channel Islands: Consultation on cryptoasset reporting framework (CARF) and CRS amendments (Jersey)

The consultation will run from November 21, 2024 to February 13, 2025.

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December 10, 2024

The government of Jersey on November 21, 2024, issued a public consultation on introducing new regulations for implementing the OECD’s cryptoasset reporting framework (CARF) and proposed amendments to align Jersey's existing common reporting standard (CRS) regulations with the OECD's amended CRS (v.2). The consultation will run from November 21, 2024 to February 13, 2025.

This consultation follows Jersey's commitment in November 2023, along with 47 other jurisdictions, to implement the CARF and amendments to the CRS in Jersey law, effective from January 1, 2026. The consultation paper outlines proposals for implementing these minimum standards to ensure Jersey complies with its international commitments. The consultation seeks views on including optional elements of the CRS amendments in Jersey’s legislation and requests feedback on the need for additional guidance on implementing CARF and CRS amendments in Jersey.

A draft legislation is expected to be issued for public consultation in spring 2025 and presented to the States Assembly in autumn 2025, before the CARF and CRS amendments take effect on January 1, 2026.

Read a December 2024 report prepared by the KPMG member firm in Jersey

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