Corporate & Securities Blog

OECD Crypto Tax Framework To Require $50,000 Reporting Threshold for Crypto Service Providers

By Christopher Scarpa and Jin Park

The Organization for Economic Cooperation and Development (OECD) issued Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard, in which OECD proposes to modernize tax administration and reporting requirements for cryptocurrency. The framework would make crypto-assets exchanges, brokers, dealers and ATMs subject to reporting on behalf of customers. The framework is expected to provide authorities with the tools to crack down on money laundering and tax evasion. Four types of transactions would be subject to the reporting requirement under the framework: exchanges between crypto-assets and fiat currencies, exchanges between one or more forms of crypto-assets, reportable retain payment transactions and other transfers of crypto-assets.

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