OECD opens proposal on tax transparency framework for crypto to public comment
According to the OECD, the crypto market posed a “significant risk” around tax transparency, claiming that any gains will eventually be lost without additional safeguards. The Organisation for Economic Cooperation and Development, or OECD, has suggested additional requirements on reporting crypto transactions and identifying users aimed at increasing transparency for global tax authorities. In a public consultation document released on Tuesday, the OECD opened for public comment a proposal that would require crypto service providers to better identify users and report on certain....
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The OECD said it planned to present the Crypto-Asset Reporting Framework to a meeting of G20 finance ministers and central bank governors on Oct. 12-13. The Organisation for Economic Cooperation and Development, or OECD, has published a framework aimed at having tax authorities achieve greater visibility on crypto transactions and the users behind them.In an Oct. 10 announcement, the OECD said it planned to present the Crypto-Asset Reporting Framework, or CARF, to a meeting of G20 finance ministers and central bank governors on Oct. 12-13. The crypto tax framework proposed automatically....
The New York State Department of Financial Services (NYDFS) has released a revised version of its BitLicense proposal. First revealed in July, the new framework comes after a lengthy, 90-day comment period for the proposed regulation, which saw notable names from both within and outside of the bitcoin industry weigh in on the proposal. The finalized bill includes previously announced changes, like exclusions for software providers, gift card companies and those who seek to use blockchain tokens for non-financial purposes. A spokesperson for the NYDFS indicated that an official version of....
The tax framework may address questions surrounding wallet providers and income not derived from crypto sales.
New York Department of Financial Services (NYDFS) superintendent Benjamin M Lawsky has extended the comment period for the BitLicense proposal by an additional 45 days. The agency cited the large volume of input from various sources, including prominent members of the bitcoin community, as the primary reason to double the comment period. The NYDFS announced the move on its official website, moving the final deadline to 21st October. The notice cited requests from the bitcoin community, which included grassroots supporters and the Bitcoin Foundation, as a driver of the deadline change. The....
One of the crypto industry's major players seeks to boost the public debate on how to best fit digital assets into the regulatory perimeter. On Oct. 14, cryptocurrency exchange platform Coinbase published its Digital Asset Policy Proposal, a document offering both a justification and conceptual framework for comprehensive regulation of digital assets in the United States.Coinbase presented the proposal as a product of dozens of meetings with industry participants, policymakers, crypto innovators and academics that the company’s representatives had held in the last several weeks.The firm’s....