The Organization for Economic Co-operation and Development (OECD) on Monday submitted a framework to increase international transparency in crypto to the G20.
Twenty participating member countries make up the G20, including China, India, South Korea, Brazil, the U.S., the United Kingdom, and the European Union, to name a few. Back in April 2021, the G20 tasked the OECD with developing a method for automating cryptocurrency tax reporting between nations.
G20 Finance Ministers and Central Bank Governors will review the 100-page Crypto-Asset Reporting Framework (CARF)—along with suggested amendments to the group’s Common Reporting Standard (CRS)—at their next meeting, which will occur this Wednesday and Thursday in Washington, D.C.
The OECD first passed the CARF in August, a report that the group calls a “transparency initiative” for crypto. Among other things, it defines what “crypto assets” and NFTs are, offers a plan for automatic international crypto tax reporting, and includes...
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