How Will The OECD's Crypto-Asset Reporting Framework Impact Your Business?

Key takeaways

• Many crypto-asset service providers will soon be required to start collecting detailed information about customers and transactions and report to their national tax authorities annually.

• Such businesses must obtain a self-certification from each of its customers that allows it to determine their tax residence and conduct due diligence to identify customers which are reportable or have reportable controlling persons.

• It is important to assess whether your crypto asset business is in scope, determine any resulting obligations and get assistance and resources in place.

OECD Crypto-Asset Reporting Framework: What businesses need to know

The OECD's Crypto-Asset Reporting Framework ('CARF') is intended to provide tax authorities worldwide with the information they need to monitor crypto-asset revenues on a cross-border basis and ensure taxes are paid on crypto-asset transactions. Reporting crypto-asset service providers ('RCASPs')