Bitpanda and Common Reporting Standard

[numibo]

Do any of you know if Bitpanda adheres to the Common Reporting Standard CRS?
Thanks!

 

[Sols]

Bitpanda is licensed as an E-Money Institution and as such should be expected to adhere‌ to CRS.

 

[numibo]

Based on what I have read here on the forum it seems the opposite, that‌ is that the EMIs are not obliged to the CRS. Banks, on the other hand,‍ have this obligation. I err?

 

[Sols]

There is no exemption in CRS for non-bank financial institutions, so payment institutions, EMIs, et‌ cetera are included. However, there have been delays with getting non-bank financial institutions to comply.‍ But that's ending. So the smart thing to do is to plan as if EMIs⁠ and such as already reporting because either they are, or they are about to.

 

[numibo]

Thank you. The source of this information? Wise, on the other hand, on his website‌ says that he does not exchange information. It doesn't seem like a question of delays,‍ but that EMIs seem excluded from the CRS.

 

[Sols]

Source: CRS itself. There is no exemption for EMIs. For example, let's take this FAQ‌ from OECD (https://www.oecd.org/tax/exchange-of-tax-information/CRS-related-FAQs.pdf):

Wise states two different things⁤ on their website.

On one page (How does tax work with my Wise account?⁣ | Wise Help Centre), they state:
This hasn't been updated in years, and︃ is specifically about Wise UK.

On another (What taxes do I need to pay︄ when I use Assets? | Wise Help Centre), they state: