According to an OECD update, Iceland signed the Multilateral Competent Authority Agreement on Automatic Exchange of Information under the Crypto-Asset Reporting Framework (CARF MCAA) on 11 March 2025.
The CARF standardises the reporting of tax information on crypto-asset transactions for automatic exchange. A separate OECD document states Iceland plans to exchange information under CARF by 2027.
The international standards developed by the OECD provide for transparency and exchange of information on request (EOIR) and for automatic exchange of financial account information (AEOI).
The EOIR standard requires that information that is “foreseeably relevant” for tax purposes, such as information on the identity of the legal and beneficial owners of assets, companies and accounts, be available and accessible to tax authorities, which can then exchange this information with tax authorities in other jurisdictions on the basis of an international agreement.
The AEOI standard, covering the Common Reporting Standard and the Crypto-Asset Reporting Framework, requires the annual exchange of a predefined set of information on financial accounts and crypto-asset transactions between tax authorities.
Under the AEOI Standard, participating jurisdictions collect information from their financial institutions and crypto-asset service providers on the basis of a common set of due diligence and reporting requirements and automatically exchange such information in a predefined format with the country of residence of the account holders and crypto-asset users.
