Details of overseas crypto transactions would have to be shared with home tax authorities under new rules proposed by the OECD. jackschickler reports
Crypto exchanges would have to share details about the identity and transactions of their users with foreign tax authorities under plans submitted for stakeholder comment Tuesday by the Organization for Economic Cooperation and Development , which is seeking to avoid foreign digital assets being used to hide wealth.
There's a"significant risk" that overseas stashes of digital assets could undermine existing requirements to share details of foreign bank accounts, intended to stop tax evasion and illicit finance, the OECD said in aThe proposals say crypto providers would have to share their users' names, addresses, Social Security numbers and details of transactions both between crypto and fiat, and between different kinds of digital assets.
The rules would also apply to both offline"cold" wallets and hot ones, as well as services like crypto ATMs. But the OECD said it wants to exclude people simply validating blockchain transactions, as well as"closed loop" assets like vouchers used in a particular store.
The OECD says it will finalize the rules based on peoples' comments and will update the G20 in October this year.across the world attempt to clarify the liability of crypto holdings, and international standard-setter Financial Action Task Force seeks to stop anonymous accounts being used to launder money or fund terrorism.
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