Organization for Economic Co-operation and Development (OECD) presented to the G20 on Monday a framework for increasing international transparency in cryptocurrencies.
The G20 has 20 member countries, including China, India, South Korea, Brazil, the United States, the United Kingdom, and the European Union. Back in April 2021, the G20 asked the OECD to develop an automation method. Cryptocurrency Cross-country tax reporting.
The G20 Finance Ministers and Central Bank Governors have released the 100-page Crypto Asset Reporting Framework (calf) — with proposed amendments to the Group’s Common Reporting Standard (CRS) — at its next meeting this Wednesday and Thursday in Washington, DC
The OECD passed CARF for the first time in August.transparency initiativefor encryption. Among other things, define what a “crypto asset” is, NFTs provides plans for automatic international crypto tax reporting and includes provisions for cryptocurrency derivatives trading.
according to statementthe OECD said cryptocurrencies are currently outside the scope of the CRS designed to prevent international tax evasion.
The OECD stated that “cryptocurrencies are tax evasion It undermines the progress made in tax transparency through CRS adoption. “
The OECD’s proposed amendments to the CRS also include the addition and definition of central bank digital currencies (CBDCs).
Overall, the proposed framework and amended standards could signify the beginning of the end of the Wild West for cryptocurrencies and a mishmash of international regulations.
World leaders believe that cryptocurrency is a trillion-dollar industry and that some illegal traders are exploiting the unauthorized and sometimes pseudonymous nature of cryptocurrencies to evade sanctionstax, or engage in any other illegal activity.
These and subsequent moves by the OECD and G20 could make life a little harder for air-flying crypto moguls like Terra. Dogwon— Who is in Interpol now red notification list— or Michael Thaler, now sued U.S. Attorney General accused of tax evasion
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