OECD publishes tax reporting framework for crypto-assets

After decades of clamping down on tax evasion via offshore centers, the G20 is concerned that cryptocurrencies and other crypto-assets threaten to roll back these recent gains. Hence it briefed the OECD, which today released its crypto-asset reporting framework, providing a template for jurisdictions globally to implement crypto-asset tax compliance reporting. 

However, the crypto-asset sector has previously voiced concerns because the definition of a crypto-asset for tax purposes and anti-money laundering purposes are not the same, resulting in a substantial administrative burden.

Banks were one of the main institutions performing a reporting role in the past. Now that role will also fall on cryptocurrency exchanges and other intermediaries such as brokers, dealers and ATM operators. 

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