Tax Transparency Standard for Crypto Assets

By 2027, 48 countries plans to implement global tax transparency standards, particularly in the context of cryptocurrencies, represent a major and progressive step towards ensuring tax fairness.
This action is a response to the growing challenges associated with tax evasion in the era of digital finance.

OECD Secretary-General Matthias Cormann emphasizes the importance of such actions to strengthen international cooperation and information exchange, which helps improve the transparency of tax transactions with cryptocurrencies.

The measures taken are aimed at combating one of the key problems of the modern economy - tax evasion. The emergence and proliferation of cryptocurrencies has created new opportunities for tax evasion, as traditional tax systems are not always adequately adapted to digital assets. The introduction of global transparency standards for crypto assets is an attempt to address these gaps, ensuring that all economic actors contribute fairly to their countries' financial systems.
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Global Forum on Transparency and Information Sharing in Lisbon

OECD Secretary-General Mathias Cormann:

“Today’s announcement of joint international action on crypto assets is a major step forward, marking another important milestone towards a widespread and coordinated approach to combating tax evasion through increased transparency and information sharing.”
The OECD's Crypto-Asset Reporting Framework (CARF) will form the basis for implementing these standards.

It provides for the automatic exchange of tax-relevant information, which is extremely important in an environment where cryptocurrencies are increasingly used for both investment and financial transactions. A key feature of crypto assets is their ability to be transferred and stored without the participation of traditional financial intermediaries, which previously made such transactions difficult to track for tax purposes.

Following the G20's* call to the Global Forum on Transparency and Information Exchange for Tax Purposes, a special working group was created to develop the legal and operational instruments of CARF. This indicates the seriousness of the international community’s intentions in the field of cryptocurrency regulation. The planned discussion of these issues at the plenary meeting of the Global Forum in Lisbon from November 29 to December 1, 2023 will be a key moment in this process.

*G20 members are the largest countries, such as Russia, China, the United States and Turkey. The G20 members account for 85% of the world's GDP and 66% of the world's population. Accordingly, the implementation of CARF will greatly affect the crypto industry.
Opinion of the AML Crypto team
In conclusion, with these changes, crypto analytics is becoming an integral part of financial security and regulatory compliance.

While anonymous coins and mixers play a role in the crypto ecosystem today, we can expect increased regulation to lead to changes in their use and perception in the near future. As a result, anonymity in cryptocurrencies may become questionable (but we always keep in mind that most likely they will be replaced by something new, since this is an eternal struggle between shield and sword), and unregulated elements may be flagged as potentially risky or unreliable.

Thus, in a world where cryptocurrencies are increasingly regulated, the importance of reliable methods for verifying and analyzing transactions becomes obvious. This shift in the cryptocurrency landscape underscores the need to adapt to new realities of financial security and transparency.

The trend of cryptocurrency regulation highlights the importance of transparency and security in the digital economy. With the development of technology and increasing attention to cryptocurrencies, the ability to check a bitcoin address, ethereum address, tron addres etc., the ability of online aml checks and aml screening is becoming increasingly important. The abilities to check bitcoin transaction, as well as to check bitcoin address, are becoming key aspects in ensuring reliability and trust in cryptocurrency transactions.
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