Finance Minister Makis Keravnos has signed the Multilateral Competent Authority Agreements of the Global Forum of the Organization for Economic Cooperation and Development (OECD).

A press release issued by the Finance Ministry said that these agreements are for the automatic exchange of information for tax purposes in the field of cryptocurrencies (CARF MCAA), as well as for the addition to the automatic exchange of financial account information (Addendum to CRS MCAA).

Cyprus' participation in the Multilateral Agreements was announced during the 17th Plenary Session of the OECD Global Forum, held on 26-28 November, in Paraguay, where a total of 48 states signed the CARF MCAA, and 51 states signed the Addendum to CRS MCAA.

The CARF MCAA Agreement framework provides for the exchange of information between contracting tax authorities regarding taxable transactions involving cryptocurrencies.

This is a mechanism that is available to tax authorities as an important tool for combating tax avoidance and evasion in the cryptocurrency sector.

The Addendum to CRS MCAA enhances the exchange of financial information from accounts between contracting tax authorities, also assisting in the fight against tax avoidance and evasion.