“Today’s announcement of co‑ordinated international action on cryptoassets is a major step forward, marking another important milestone towards the widespread and co-ordinated approach to combat tax evasion through greater transparency and exchange of information,” Secretary-General Cormann said.

“We strongly welcome the extensive support being shown for quick action to make the international exchange of information collected under the OECD standard on cryptoasset reporting a reality. The international community can count on the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes to ensure that the tax transparency architecture remains both up-to-date and effective going forward.”

The Crypto-Asset Reporting Framework (CARF) is a key component of the International Standards for Automatic Exchange of Information in Tax Matters developed by the OECD under a G20 mandate. It provides for the automatic exchange of tax-relevant information on cryptoassets and comes against the backdrop of a rapid adoption of the use of cryptoassets for a wide range of investment and financial uses.

Cyprus, France, Greece, Italy, Malta, Portugal and Spain came together to further the development of the distributed ledger technology (DLT) and blockchain sphere. 

The agreement, titled "Southern European Countries Ministerial Declaration on Distributed Ledger Technologies", was signed in Brussels in December 2018 following a meeting of EU transport ministers. 

According to the agreement, the seven countries believe that DLT, and other emerging technologies such as artificial intelligence, the Internet of Things or 5G, could help them expand their digital ecosystems and further innovation. 

The agreement states: 

"Distributed Ledger Technologies could be one of the instruments that can help our countries transform their economies and society into truly digital ones and become a leading region in this sector." 

Specifically, DLT could offer a host of benefits, including result in further democratisation of the European economic model and lead to more co-operation in the Mediterranean basin. 

In addition, as a technology based on trust, DLT is a potential "game changer" and could transform the way many services are delivered, including "certifying product origin, education, transport, mobility, shipping, land registry, customs, company registry, and healthcare". 

The seven also believe that DLT could enhance transparency, accountability and privacy for end users.

"The promotion of privacy through blockchain enhanced solutions could be a way forward, empowering citizens to be in control of their own personal data," the document states. 

The seven countries also called on governments to ensure their citizens understand the potential of emerging technologies and encourage education on these technologies. 

As to legislation, the document advocates that this should be based on "European fundamental principles and technological neutrality", allowing for innovation and experimentation. 

The seven countries called for the European Commission to continue its work with the European Blockchain Partnership and committed to explore the possibilities of cross-border DLT projects between themselves and, potentially, other Southern Mediterranean countries. 

The agreement seems to have been led by Malta, a country keen to establish itself in the blockchain sphere.

Silvio Schembri, Malta’s parliamentary secretary for digital economy, financial services and innovation, tweeted that he is “proud" to see his country taking a “leading role” on blockchain co-operation.