Crypto CRS

[carz]

In a few months the OECD should be releasing an updated crs framework which should included virtual/digital assets. What do people think about this? Which exchanges will be the first to comply? What year will they start from?

 

[John Spectre]

Couple years for first start.
EU exchanges will be the first for sure.
US exchanges will ignore it as CRS at all.
Some offshore exchanges like bitmex, binance will try to ignore at long as possible.

BTW bitfinex already reported certain accounts starting from 2018.

I think some EU exchanges like bitstamp could also done same already

 

[JackAlabama]

carz said:
In a few months the OECD should be releasing an updated crs framework which should included virtual/digital assets. What do people think about this? Which exchanges will be the first to comply? What year will they start from?
Click to expand...

Well, I think about it the following way: If I fear adverse reactions for that, Id move to a place and arrange my affairs of it not being a concern.

 

[backpacker]

I think the inclusion of virtual/digital assets should come to nobody's surprise. It was just a matter of time in a fast evolving financial landscape. If crypto wants to be "money" it also has to suffer the negative aspects of real money.
Hence, this move is understandable and legitimate.

However, in the same context it puzzles me that there is seemingly no attempt to include bullion dealers and all these obscure (online) bullion vaults which are mostly based in CRS participating jurisdictions. Some of them even openly advertise that they are out of scope.
To not include this dubious industry in CRS does not make any sense at all.

Last edited: Jul 10, 2021

 

[uplana]

EU is really start pissing me off.. all the control, damn fin4774"

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[williamram]

carz said:
In a few months the OECD should be releasing an updated crs framework which should included virtual/digital assets. What do people think about this? Which exchanges will be the first to comply? What year will they start from?
Click to expand...

This is only a guess. The issuance of new assets has not yet been approved. And so far, most do not take it seriously.

 

[Rzeznik]

carz said:
In a few months the OECD should be releasing an updated crs framework which should included virtual/digital assets. What do people think about this? Which exchanges will be the first to comply? What year will they start from?
Click to expand...

Fun fact - I have got email from Bitstamp yesterday ,asking me to share my tax residency/Nationalities, luckily they didn't wanted my tax ID. My Tax ID was generated to me by tax office.
Banks always want that TIN number. I will tell you when they want my TIN.