CRS to be Extended to Crypto Assets

The OECD has announced plans to extend the Common Reporting Standard (CRS) to Crypto Assets. See more in the OECD Report to G20 Finance Ministers and Central Bank Governors where it is set out how the OECD intend to model the reporting mechanism on the CRS, by making crypto-exchanges (and possibly wallet providers) in scope “Financial Institutions” for the purposes of reporting a crypto-asset “account holder”. The OECD intend to issue detailed rules in 2021. As always at Vizor AEOI, we will be keeping abreast of these changes, how they intend to operate in practice and how our platform will be enhanced to accommodate any such new exchanges. See more here.