After many years of haphazard and uncoordinated efforts to tax and regulate crypto currencies and other digital assets, the major players – the IRS, the EU and the OECD – are engaging with the new financial ecosystem of digital assets. To that end, each key party launched or further established a tax reporting and disclosure regime for digital assets in 2023. The US Treasury published its draft broker reporting regulations, as amended to cover digital assets. The EU members states committed to implementation of DAC8, a cross-border disclosure regime for digital assets. The OECD finalized the Crypto Asset Reporting Framework (or CARF) to serve as the template for a global automatic exchange of information regime for digital assets or – as it is referred to colloquially – CRS for crypto.
Accordingly, on 16 October 2023, Peter Cotorceanu and I published an article called Old Tricks for New Dogs: The OECD’s Cryptoasset Reporting Framework in Tax Notes International, the leading periodical/website for international tax news, commentary and analysis. In the first piece of a planned series on the OECD's incoming CARF regime, we situate CARF within the existing financial disclosure landscape, where the "New Dogs" of crypto must now study the "Old Tricks" of CRS and FATCA. Our first article examines the challenges faced and solutions adopted by the OECD in tailoring CRS’s rules for conventional financial operations to the digital asset ecosystem.
Here’s the link to the live article: https://lnkd.in/eQNv6i34 (paywall). A PDF version of the article is available below for anyone without a subscription to Tax Analysts.
Accordingly, on 16 October 2023, Peter Cotorceanu and I published an article called Old Tricks for New Dogs: The OECD’s Cryptoasset Reporting Framework in Tax Notes International, the leading periodical/website for international tax news, commentary and analysis. In the first piece of a planned series on the OECD's incoming CARF regime, we situate CARF within the existing financial disclosure landscape, where the "New Dogs" of crypto must now study the "Old Tricks" of CRS and FATCA. Our first article examines the challenges faced and solutions adopted by the OECD in tailoring CRS’s rules for conventional financial operations to the digital asset ecosystem.
Here’s the link to the live article: https://lnkd.in/eQNv6i34 (paywall). A PDF version of the article is available below for anyone without a subscription to Tax Analysts.
Old Tricks for New Dogs: The OECD’s Cryptoasset Reporting Framework
- On 16 October 2023, I published an article called “Old Tricks for New Dogs: The OECD’s Cryptoasset Reporting Framework" in Tax Notes International, the leading periodical/website for international tax news, commentary and analysis.
- In the first piece of a planned series on the OECD's incoming CARF regime, Peter A. Cotorceanu and I situate CARF within the existing financial disclosure landscape, where the "New Dogs" of crypto must now study the "Old Tricks" of CRS and FATCA. The first article examines the challenges faced and solutions adopted by the OECD in tailoring CRS’s rules for conventional financial operations to the digital asset ecosystem.
- Here’s the link to the live article: https://lnkd.in/eQNv6i34 (paywall)-
- A PDF version of the article is available below for anyone without a subscription to Tax Analysts.
| old_tricks_for_new_dogs_the_oecd’s_cryptoasset_reporting_framework.pdf |
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