Belize to Implement Crypto-Asset Reporting Framework

Joseph Waight

A coalition comprising numerous countries, including Belize, has jointly committed to implementing the Crypto-Asset Reporting Framework (CARF) developed by the Organization for Economic Co-operation and Development. Acknowledging the rapid growth of the crypto-asset market and the need to sustain global tax transparency, the coalition emphasizes CARF’s role in facilitating the automatic exchange of information between tax authorities. The aim is to swiftly integrate CARF into domestic law, with exchange agreements expected to be operational by 2027, subject to national legislative processes. We caught up with Financial Secretary Joseph Waight this morning and asked him about it.

Joseph Waight, Financial Secretary

“You know, Cryptocurrency is here to stay worldwide. Belize has to put in place legislation to protect consumers and to regulate. We don’t issue licenses yet. For any practitioners of cryptocurrency trading or issuance and so but the day we could come and we have to be part of the global team.”

Hipolito Novelo

“Are we prepared because even in the United States, I think there’s a huge case now with the crypto King defrauding hundreds of millions of dollars from his investors?”

Joseph Waight

“You know, the thing is, you don’t get into any business that you can’t, you can’t regulate and control. So we have to take our time. But we have to also be part of the global system of regulations. And that’s one, that was one of the aspects of the press release to say, look, you know, we take our responsibilities seriously and we will do so. We don’t issue any licenses and we don’t expect to anytime soon.”