Australia Consults on Draft Crypto Tax Rules Ahead of 2028 Data Exchange

Australia is consulting on draft crypto tax reporting rules before its scheduled 2028 international data exchange, a year ahead of the United States, as other governments pursue different digital asset policies.

Australia’s Treasury opened the consultation Oct. 15 and will accept comments through Oct. 28. The draft would bring the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF) into Australian law, add domestic reporting for transactions involving Australian residents and update existing reporting rules.

CARF provides a structure for tax authorities to share information on crypto-asset transactions across borders. As of Sept. 14, 77 jurisdictions had committed to implementation, with their first exchanges scheduled from 2027 through 2029. Australia’s first exchanges are scheduled for 2028; the United States’ are scheduled for 2029.

Sweden is considering a different question: whether to create a digital krona. The Riksbank, Sweden’s central bank, has recommended starting a public inquiry to prepare a legislative framework for the possible currency. It has made no decision to issue one.

The Riksbank’s letter was dated Oct. 7 and published Oct. 15. The bank estimates that implementation by itself and market participants would take at least five years, with legislative changes requiring additional time. That estimate does not set an issuance date.

Russia’s rules address trading rather than tax exchanges or a state digital currency. Starting July 1, 2027, residents who are not crypto-market operators generally must conduct transactions through or with authorized crypto-market organizers. Direct trades between individuals remain permitted until then.

The rules also prohibit transfers from an individual’s regulated digital account to that person’s noncustodial wallet. Separate provisions permit exporters and importers to use crypto for cross-border payments. Those provisions distinguish the resident trading restrictions from a prohibition on all crypto transactions.

The three measures are at different stages. Australia’s reporting rules remain a draft, Sweden is seeking preparatory legislative work, and Russia’s intermediary requirement is scheduled to start July 1, 2027. They also address different activities: tax reporting, a possible state currency and resident trading.

Australia’s public comment period ends Oct. 28. Russia’s intermediary requirement starts July 1, 2027, while Sweden has set no issuance date.