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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Stories: Pakistani crypto billionaire wants his country to be less reliant on creditZaka also said he succeeded in getting the government to enact an order that does not criminalize crypto mining or investing unless proven to be involved in illegal activities.
Read more »
How a Pakistani celebrity and crypto billionaire challenged his government | Crypto Stories Ep. 7Pakistani crypto billionaire Waqar Zaka reveals how he used Bitcoin to uplift the nation and explains how digital currency will make countries less reliant o...
Read more »
Crypto Savings Account | Best Crypto Saving Platform | BinanceSavings crypto on Binance is easy! Sign up today with the best crypto saving platform to earn with our locked \u0026 flexible crypto saving products.
Read more »
$1.8 Billion Worth of Crypto Leaves Market as Bitcoin Breaks Through ResistanceICYMI: Tether is the only crypto that faced a positive net flow, with $353 million poured into the market $USDT $BTC $ETH
Read more »
Senator Warren's Bill Will Hurt Crypto, Not Russia (Opinion)Hiding behind a nationalistic cause doesn’t make sanctioning validators any less reckless or any more effective.
Read more »
The Best Global Crypto ExchangesThere are nearly 600 cryptocurrency exchanges worldwide inviting investors to trade bitcoin, ethereum and other digital assets. But costs, quality and safety vary widely. With an emphasis on regulatory compliance, here is Forbes Digital Assets ranking of the top 60.
Read more »