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Framing crypto
Key points
- Cryptoassets have limited visibility and pose an inherent risk of money laundering and fraudulent activities.
- The Crypto-Asset Reporting Framework (CARF) was created by the OECD and G20 countries to prevent money laundering and terrorist financing.
- CARF focuses on cryptographically secured distributed ledger technology – the inclusion of the words ‘and similar technology’ in the description of ‘cryptoassets’ will ensure that new assets which emerge in the future will be within scope.
- CARF excludes categories of cryptoassets which pose limited tax compliance risks.
- Intermediaries and other service providers that facilitate cryptoasset exchanges will be required to report under the CRS.
- The UK wishes to make the UK tax system more competitive regarding cryptoassets.
In April 2021 the G20 mandated the Organisation for Economic Co-operation and Development (OECD) to develop a framework for the automatic exchange of tax-relevant information in relation to cryptoassets. Given the limited of visibility of cryptoassets...
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