New global tax reporting rules could soon extend into crypto, non-fungible tokens and decentralized finance , but some worry the Organisation for Economic Cooperation and Development’s inflexible framework threatens to constrain a sector that’s still moving fast.require details of crypto holdings to be shared with foreign tax authorities.
, intended to curb dirty money by getting crypto users to prove their identity, to unhosted crypto wallets., some industry advocates may plead for a rethink of plans they say could strangle growth, while others are merely hoping the rules can be streamlined to avoid too much administrative heartache.The OECD proposal to extend the existing information-swapping system to virtual assets was expected and, in some cases, welcomed.
Worse still is if the rules are made to apply to fast-developing, and hence less well-defined, sectors such as decentralized finance. In jurisdictions like the European Union, lawmakers have already tied themselves in knots trying to figure out how to apply anti-money laundering rules to wallets where custody isn’t offered by any regulated crypto-asset service provider.It’s just as unclear what is supposed to be done with tax – for instance, in cases where a person uses an unhosted wallet to make a small payment in a store.
Though the OECD comprises major developed countries, it persuaded jurisdictions such as the Cayman Islands and Liechtenstein – small, but significant for tax dodging – to join in, too.
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