Crypto Industry Opposes Proposed OECD Tax Reporting Rules

Officials from the US and UK Treasury departments said Monday that existing financial regulatory schemes aren’t sufficient to regulate most cryptocurrency assets.

“There are specific issues around crypto assets and the blockchain which need to be treated separately, and not just with the same set of regulations as other kinds of virtual assets,” said James Gillespie, policy adviser for HM Treasury.

They were speaking at a consultation on the Organization for Economic Cooperation and Development’s proposed Crypto-Asset Reporting Framework and amendments to the Common Reporting Standard during a hybrid event.

Under CARF, national regulators would require individuals and entities ...