OECD’s Crypto Asset Reporting Framework could be pivotal for tax

We are potentially at a turning point with regulations being introduced covering taxation and other fields. It would be important for the ecosystem to show maturity and willingness to engage, and for policymakers to approach subjects with balance, an open mind and without prejudice.

The cryptocurrency tax community is mobilising to provide comments on the OECD’s Crypto Asset Reporting Framework (CARF), which was released for comments by the OECD on March 22 2022.

The release of the CARF comes at a time when regulations are being crafted also in other areas. It is a big opportunity for industry and policymakers alike.

In certain ways the situation resembles what happened a few years ago in relation to sharing/gig economy platforms and social media. The difference is possibly that platforms and social media were originally thought of as “savers of the world” and championing the notion of making the world a better place, then later accused of all sorts of wrongdoings in terms of political interference, social impact, tax and labour regulations. Actors of the cryptocurrency world were, in contrast, originally associated with tecno-anarchists, utopians, etc….

Read more at www.internationaltaxreview.com

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