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OECD Proposes New Rules For Crypto Exchange To Report Customer Holdings To Governments

Updated: May 12, 2023

The G20 group of countries, under the guidance of the Organisation for Economic Co-operation and Development (OECD), may require crypto-asset exchanges to report customers' aggregate investments and transactions to national governments for tax transparency and information sharing purposes, according to STEP.

Key highlights:

  • OECD warns that as crypto-assets can be transferred and held without the intervention of traditional financial intermediaries, and without any central authority having full knowledge of the transactions or the holdings, crypto-assets can be exploited to undermine international tax transparency initiatives.

  • In 2020, G20 group of countries asked the OECD to develop a framework for the automatic exchange of information on crypto-assets.

  • The first draft, called the Crypto-Asset Reporting Framework (CARF), has now been issued for further consultation.

  • CARF’s plan aims to ensure that individuals and entities that provide business services to exchange crypto-assets apply standard due-diligence procedures to identify their customers and then report the aggregate values of the exchanges and transfers for these customers annually.

  • The OECD also proposes to extend the Common Reporting Standard scope to cover electronic money products, central bank digital currencies and indirect investments in crypto-assets through investment entities and derivatives.

Link to the STEP article:


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