Crypto Transparency Gets OECD Boost with Draft Rules (3)

The OECD released a draft framework Tuesday that would standardize how global tax authorities share tax information related to crypto-assets.

The Organization for Economic Cooperation draft is designed to help governments regulate and capture tax from the booming crypto industry by creating a standard set of regulations. It includes model technical rules and a commentary written for wide adoption and data sharing among tax administrations.

New due diligence procedures would require individuals and entities that as a business “provide services to exchange crypto-assets against other crypto-assets, or for fiat currencies,” to identify their customers and “report the aggregate values of ...