OECD Draft Guidance for Crypto Asset Reporting Under CRS

Will Crypto Asset Tax Reporting Fall Under CRS?

On 22 March 2022,  the OECD published a public consultation document on Crypto Asset Reporting Framework (CARF) and Amendments to the Common Reporting Standard (CRS). The comment and feedback period ends on April 22.

The proposal covers the scope of types of assets and currencies to be included and thus the new entities that will be required to execute reporting based upon the expanded identification of intermediaries. It also covers the types of activity and balances that will be required for inclusion as part of the Automatic Exchange of Information (AEoI).

The highly anticipated draft crypto regulations shows the OECD's clear global focus on creating clear regulatory guidance for tax treatments of crypto assets and virtual currencies, with the hopes that it would ultimately result in improving the consistency, transparency and compliance of crypto tax reporting.

Both the OECD and IRS are expected to publish final rules in 2022. TAINA’s Tax Reporting and Compliance Expert, Rasheed Khan, has compiled an informative and thought-provoking whitepaper on the implicatoins of the new Crypto Asset Reporting Framework.

Throughout this whitepaper, Rasheed will answer your burning crypto regulation and reporting questions including:

• What is the scope of Crypto Assets covered?

• What intermediaries are subject to data collection and reporting requirements?

• What Crypto Transactions and Information are crypto and digital asset companies obligated to report?

• What Due diligence and Reporting are crypto companies required to do under CRS?

At TAINA we continue to monitor the crypto regulatory landscape. To find out more information on the recent crypto regulation changes fill in the form to download the whitepaper below or, get in touch with us today.