The leaders of the world's 20 largest economies, collectively known as the G20, are insisting on the rapid adoption of a cross-border system for crypto assets. According to local reports, in New Delhi, where members of the group attended the two-day summit, the structure will facilitate the exchange of information between the countries from Dec. 2027. We demand the rapid adoption of the Crypto Asset Reporting System (CARF) and changes to the CRS [General Reporting Standard]. We ask the Global Forum for Transparency and Information Sharing for tax purposes to set an appropriate and coordinated timeline for starting the exchange of relevant jurisdictions, the memorandum of understanding signed by the G20 leaders said.The upcoming system will affect many countries such as Australia, Argentina, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Koreaa) Turkey, the United Kingdom and the United States, as well as the European Union. Two-thirds of the world's population lives in the G20 countries. At a family meeting of the G20 summit, we developed how we can collectively think to empower other people and make our planet more inclusive and sustainable. He gave an example of how technology is being used to make positive changes in people's lives... pic.twitter.com/SqT9OjStpsThe The reporting system for crypto assets was first introduced by the Organization for Economic Cooperation and Development (OECD) in October 2022. The document is designed to provide tax authorities with more information about cryptocurrency transactions and the people behind them.In accordance with the proposed structure, countries will automatically exchange information annually on Decryption transactions between jurisdictions related to transactions on unregulated crypto exchanges and wallet suppliers. The crypto transactions are as followsNew information standards are already being implemented in many countries. In May, the European Union approved updated rules under the CARF, which Decipher the procedures for automatic exchange of information between European governments for tax purposes. According to the new rules, the transfer of digital assets must be accompanied by the indication of the recipient's name, the address of the recipient's distributed ledger and the recipient's account number. According to the announcement, the group has also approved the recommendations of the Financial Stability Council (FSB) on regulating, supervising and supervising the activities and Sundays of crypto assets and global stable coin schemes. The guidelines, published in July, set similar standards for stablecoins for commercial banks and call on regulators to ban activities that prevent the identification of relevant participants, among other recommendations.Magazine: A Guide to Sydney's Crypto City: More than just a symbolic bridge