.png)
.png)
Decrypting crypto
Key points
- The nature of cryptoassets renders regulation and compliance challenging.
- Cryptoassets can be held and transferred without the intervention of traditional financial intermediaries – their use can undermine the existing international tax transparency initiatives.
- The OECD is therefore proposing the creation of the cryptoasset reporting framework.
- The government aims to make the UK a global hub for cryptoassets technology: including introducing stablecoins regulations legislating for a ‘financial market infrastructure’ and reviewing how DeFi loans are treated for tax purposes.
The Organisation for Economic Co-operation and Development (OECD) published a consultation on 22 March 2022 on cryptoassets to propose a new global tax transparency framework focusing specifically on cryptoassets and also a review of the common reporting standard (CRS) and amendments to accommodate cryptoassets. Further on 4 April 2022 the UK government unveiled its plans to become a global hub for cryptoassets.
Cryptoasset reporting framework (CARF)
The definition...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
