OECD Guidance for Crypto Asset Reporting and CRS Amendments

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 proposal became final guidance in October 2022.

It covers the addition of new entities 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). In October 2023, 54 countries pledged to implement this global tax transparency framework by 2027.

At the beginning of October 2024, the OECD published an XML User Guide for tax administrations to use when creating legislation for the adoption of CARF.

TAINA's Subject Matter Expert, Sean Sutton, has compiled an informative and thought-provoking whitepaper on the implicatoins of the new Crypto Asset Reporting Framework and CRS Amendments .

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

• CARF and CRS 2.0 Details

• What is the scope of Crypto Assets to be covered?

• What Service Providers subject to data collection and reporting requirements?

• Due Diligence procedures to indentify Crypto Asset Users.

• Crypto Transaction and Information Reporting

• Regulatory Compliance impact for Crypto and Digital Asset Companies

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.