![“We need faster and stronger systems for collaboration if we are to beat tax evasion and illicit transactions. This [Crypto-Asset Reporting Framework] is a timely commitment as digital currency becomes one of the preferred means for transactions,” says Finance Secretary Ralph Recto. GMA INTEGRATED NEWS FILE PHOTO](https://www.panaynews.net/wp-content/uploads/2025/06/crypto-assets-copy-696x407.jpg "crypto-assets-copy")
THE Department of Finance (DOF) on Wednesday, June 18, said the Philippines is committing to implement a framework on reporting crypto-assets in a bid to combat cross-border tax evasion and illicit financial flows.
The commitment to execute the Crypto-Asset Reporting Framework (CARF) by 2028 was signified by DOF Revenue Operations Group Undersecretary Charlito Martin Mendoza during the 8th Asia Initiative Meeting in Malé, Maldives held from May 26 to 29, 2025.
The CARF institutionalizes the framework for the reporting and automatic exchange of information in relation to crypto-assets between tax authorities for tax compliance purposes.
The Philippines now joins 67 other jurisdictions already committed to implementing the CARF by 2027 or 2028.
“We need faster and stronger systems for collaboration if we are to beat tax evasion and illicit transactions. This is a timely commitment as digital currency becomes one of the preferred means for transactions,” said Finance Secretary Ralph Recto.
He added: “The government must ensure that crypto-asset users are paying their fair share of taxes and that no illicit financial activity goes unpunished.” (GMA Integrated News)
