{"id":80036,"date":"2023-06-12T09:56:00","date_gmt":"2023-06-12T06:56:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80036"},"modified":"2025-09-11T14:26:27","modified_gmt":"2025-09-11T11:26:27","slug":"oecd-unveils-crypto-asset-reporting-rules","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/oecd-unveils-crypto-asset-reporting-rules\/","title":{"rendered":"OECD unveils crypto-asset reporting rules"},"content":{"rendered":"<p>The Organisation for Economic Co-operation and Development (OECD) <a href=\"https:\/\/www.oecd-ilibrary.org\/taxation\/international-standards-for-automatic-exchange-of-information-in-tax-matters_896d79d1-en\">published<\/a> the crypto-asset reporting system and amendments to the Common Reporting Standard (CRS).<\/p>\n<p>The framework&#8217;s recommendations are not binding, but provide guidance for regulators in member countries.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;New international standards of tax transparency are aimed at further strengthening efforts to combat tax evasion in a digital and globalised world economy,&#8221;<\/em> \u2014 said OECD Secretary-General Mathias Cormann.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Our new international tax transparency standards cover the updated Common Reporting Standard and the new reporting framework for crypto assets, further strengthening efforts to tackle tax evasion in a digitalised &#038; globalised world economy.<\/p>\n<p>\u27a1\ufe0f <a href=\"https:\/\/t.co\/GMcvZOQXCc\">https:\/\/t.co\/GMcvZOQXCc<\/a> <a href=\"https:\/\/t.co\/8Z595Vutrn\">pic.twitter.com\/8Z595Vutrn<\/a><\/p>\n<p>\u2014 Mathias Cormann (@MathiasCormann) <a href=\"https:\/\/twitter.com\/MathiasCormann\/status\/1666838237439041539?ref_src=twsrc%5Etfw\">June 8, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The OECD document recognised the impact of the crypto industry on the economy, including tax revenues in different countries.<\/p>\n<p><span data-descr=\"crypto-asset reporting system\" class=\"old_tooltip\">CARF<\/span> consists of three main components:<\/p>\n<ul class=\"wp-block-list\">\n<li>rules for collecting relevant tax information, such as asset holdings and the entities carrying out transactions with them;<\/li>\n<li>a new multilateral body to ensure compliance with them;<\/li>\n<li>an electronic XML format for exchanging information between regulators.<\/li>\n<\/ul>\n<p>Amendments to the CRS include a section on <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a>, to which tax compliance requirements may apply.<\/p>\n<p>The document also adds the term &#8216;Specified Electronic Money Product&#8217;, which covers digital representations of fiat currency.<\/p>\n<p>The OECD regulates how legal and natural persons using cryptocurrencies should be monitored and taxed. The CRS contains concepts such as wallets, exchanges, <span data-descr=\"distributed ledger technology\" class=\"old_tooltip\">DLT<\/span> and derivatives based on digital assets.<\/p>\n<p>In May 2023, leaders of the G7<a href=\"https:\/\/forklog.com\/en\/news\/g7-to-push-for-tougher-global-crypto-regulation\"> discussed<\/a> tightening regulation of cryptocurrencies worldwide.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Organisation for Economic Co-operation and Development (OECD) published the crypto-asset reporting system and amendments to the Common Reporting Standard (CRS).<\/p>\n","protected":false},"author":1,"featured_media":80037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1995,36,558],"class_list":["post-80036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-oecd","tag-regulation","tag-taxes"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=80036"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80036\/revisions"}],"predecessor-version":[{"id":80038,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80036\/revisions\/80038"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/80037"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=80036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=80036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=80036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}