While 76 jurisdictions began CARF implementation in January 2026, another 27 are preparing to join in 2027. This second wave includes some of the world's most important crypto hubs.

Second Wave Timeline

Data Collection Starts: January 1, 2027
First Data Exchange: 2028
Jurisdictions: 27

Key Jurisdictions in the Second Wave

Switzerland

Originally expected to join the first wave, Switzerland delayed its implementation. The Swiss government has enacted the necessary legislation but postponed activation until 2027. This gives Swiss crypto businesses an extra year to prepare, with first data exchanges expected in 2028.

Singapore

As one of Asia's leading crypto hubs, Singapore's participation is significant. The Monetary Authority of Singapore has been working on implementation details, with data collection set to begin in 2027.

Hong Kong

Hong Kong, which has been positioning itself as a crypto-friendly jurisdiction, will also begin CARF data collection in 2027. This aligns with broader regulatory developments in the territory.

United Arab Emirates

The UAE, home to major crypto exchanges and a growing digital asset ecosystem, signed the CARF multilateral agreement in 2025. Data collection begins in 2027.

The Complete Second Wave List

Beyond these major hubs, the second wave includes:

  • Europe: Turkey
  • Asia-Pacific: Malaysia, Thailand, Mongolia
  • Middle East: Bahrain, Saudi Arabia, Qatar, Kuwait, Oman
  • Caribbean: Bahamas, Barbados, British Virgin Islands, Turks and Caicos
  • Africa: Nigeria, Kenya, Mauritius, Seychelles
  • Central America: Costa Rica, Panama

What This Means

By 2028, when all second-wave countries are actively exchanging data, the global crypto tax reporting network will cover the vast majority of regulated trading volume. The remaining gaps will be limited to a small number of jurisdictions that haven't committed to CARF.

Preparing for 2027

Crypto service providers operating in second-wave jurisdictions should be preparing now. Key steps include:

  • Reviewing local implementation timelines and requirements
  • Updating customer onboarding processes
  • Building or acquiring reporting infrastructure
  • Training compliance teams

Prepare for 2027

CARFDAC8 supports compliance across all 76 committed jurisdictions.

Expert Consulting