This framework, heralded as the new international benchmark, facilitates the seamless exchange of information among tax authorities.
Notably, all 38 member states of the OECD have pledged support, alongside key financial centers such as the United Kingdom’s Overseas Territories of the Cayman Islands and Gibraltar.
While this initiative reflects a significant stride in international cooperation, it is imperative to acknowledge its current limitations. The framework, predominantly centered around Europe, lacks representation from vital markets such as China, Hong Kong, the UAE, Russia, and Turkey. Notably absent are African nations, with only Chile and Brazil representing Latin America in the list of pledging countries.
It is noteworthy that the Crypto-Asset Reporting Framework is not the sole international protocol targeting crypto income.
Notably, all 38 member states of the OECD have pledged support, alongside key financial centers such as the United Kingdom’s Overseas Territories of the Cayman Islands and Gibraltar.
While this initiative reflects a significant stride in international cooperation, it is imperative to acknowledge its current limitations. The framework, predominantly centered around Europe, lacks representation from vital markets such as China, Hong Kong, the UAE, Russia, and Turkey. Notably absent are African nations, with only Chile and Brazil representing Latin America in the list of pledging countries.
It is noteworthy that the Crypto-Asset Reporting Framework is not the sole international protocol targeting crypto income.
In October, the Council of the European Union formally adopted the eighth iteration of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule. DAC8 empowers tax authorities to oversee and assess all cryptocurrency transactions conducted by individuals or entities within any other EU member state, emphasizing a broader international effort to regulate this evolving financial landscape.
#cryptoregulation
#cryptoregulation