OECD publishes consultation on tax transparency framework for crypto assets

The OECD has released a consultation document concerning a new global tax transparency framework to provide the reporting and exchange of information of crypto assets.

Alongside the framework for crypto assets, there will also be proposed amendments to the Common Reporting Standard for the automatic exchange of financial account information between countries.

According to the OECD, the purpose of the consultation is to inform policy makers decisions on the possible adoption of any such framework and its related design components.

The OECD noted that it has been asked by the G20 to develop a framework for the automatic exchange of information on crypto assets. This new framework provides for the collection and exchange of tax-relevant information between tax administrations, with respect to persons engaging in certain transactions in crypto-assets.

The framework also covers crypto assets that can be held and transferred in a decentralised manner without the intervention of traditional financial intermediaries, as well as asset classes relying on similar technology that may emerge in the future.

A public consultation will be held at the end of May 2022.

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