On October 10, 2022, the Organisation for Economic Cooperation and Development (OECD) released a report – Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard – on a new global tax transparency framework.
This new framework comes as a response to the G20’s request “that the OECD develop a framework for the automatic exchange of information between countries on crypto-assets”.
The new global tax framework for crypto-assets was approved by the Committee on Fiscal Affairs on August 26, 2022, after a public consultation in March 2022. The report was presented to G20 Finance Ministers and Central Bank Governors for discussion at their meeting on 12-13 October.
The amendments to the common reporting standard generally cover:
- Reporting requirements of Financial Institution with respect to identity information about individuals, entities and controlling persons owning an account; information about the owned accounts; information about the Reporting Financial Institution; information about Custodial and Depository accounts.
- Due diligence for preexisting and new Entity Accounts covering review procedures for identifying entity accounts with respect to which reporting is required.
- Rules on reliance on self-certifications and documentary evidence
- Glossary of terms.