OECD will introduce CRS for crypto in 2021

[Nishizawa]

OECD tax director says international crypto tax standards are coming in 2021

This is even worse than traditional CRS.
Unlike bank account, most cryptocurrencies record their transfer history on a public blockchain.
If the government knows the wallet address of the foreign exchange, all transactions through hosted wallet can be performed through transaction analysis.

 

[khinkali]

First they ignore you, then they laugh at you, then they fight you, then you win. (probably not actually said by Mohandas Gandhi)

We're heading into stage 3?

• AMLD5
• FATF's travel rule for VASPS
• FinCEN's the Bank Secrecy Act
• The Swiss Rule
• OECD and upcoming crypto tax reporting standards

Following the travel rule, expect some restriction on depositing from or withdrawing to your personal wallet. An attempt to curtail DeFi and keep some kind of monopoly on currency, but is the cat too far out of the bag?

Coinbase's CEO wrote a surprisingly insightful thread about this.

 

[cyprusbanker]

This is really bad news. Why can't they just keep ignoring the crypto market and laugh at it. I'm going to hate this world more and more with all the regulation and monitoring s**t going on.

 

[minotari]

Nishizawa said:
If the government knows the wallet address of the foreign exchange, all transactions through hosted wallet can be performed through transaction analysis.
Click to expand...

Wallet address of what? Or of who?
And how would the government match its citizens or residents with those public addresses of the crypto ledger?

the amount of addresses is nearly infinite. You know my address of my wallet? I've got billion ones more that you don't know of.

 

[challenge]

cyprusbanker said:
This is really bad news. Why can't they just keep ignoring the crypto market and laugh at it. I'm going to hate this world more and more with all the regulation and monitoring s**t going on.
Click to expand...

cause they want to pave the road for their own digital coin... and bitcoin isn't it. 😉

 

[Sindou KONE]

TPE-PME Americanexpress
3759*******8901
Mon 3D est fermé. A chaque moment que je veut faire un payement je persoies une alerte d'un manque de 3D a ma carte de crédit.