OECD: Updated FAQs on CARF and CRS, and revised CARF XML schema user guide
Updated versions of FAQs to provide interpretative guidance on amended CRS and CARF
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August 19, 2025
The Organisation for Economic Cooperation and Development (OECD) issued updated versions of its “frequently asked questions” (FAQs) to provide interpretative guidance on the amended common reporting standard (CRS) and the cryptoasset reporting framework (CARF).
Updates to the CRS FAQs are as follows:
- Under the “General Reporting Requirements” section, a new question has been added to clarify the timing for determining the validity of self-certifications for a reporting period.
- A new question has been added under the “Definitions: RFIs” subsection, clarifying the scope of interests in relevant cryptoassets that qualify as financial assets.
Updates to the CARF FAQs are as follows:
- A new question has been added under the “Due Diligence Procedures” section, addressing reliance on due diligence procedures conducted by the transferor of a business. It clarifies that when a reporting cryptoasset service provider (RCASP) acquires the business of another RCASP that has already performed the required due diligence for entity cryptoasset users, the acquiring RCASP may generally rely on the transferor’s determination of those users’ status, including that of their controlling persons, unless it knows, or has reason to believe, that the status is inaccurate or there has been a change in circumstances.
Additionally, on July 30, 2025, the OECD issued an updated version of its CARF XML schema user guide, which includes several technical modifications building upon the previous user guide approved in 2024.
Read an August 2025 report prepared by KPMG LLP