OECD: Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard

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:

1. 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.
2. Due diligence for preexisting and new Entity Accounts covering review procedures for identifying entity accounts with respect to which reporting is required.
3. Rules on reliance on self-certifications and documentary evidence
4. Glossary of terms.