Blockwind News’ Post

Hong Kong aims to become a digital asset hub with proposed tax exemptions, while India’s crypto adoption grows despite stringent tax policies. https://lnkd.in/eaYY8-ri

Australia’s implementation of the Crypto Asset Reporting Framework and amendments to the Common Reporting Standard Consultation paper November 2024 "We invite views on how Australia applies the Crypto Asset Reporting Framework (CARF). The consultation paper explores : - a comparison of 2 options : adding the CARF into Australian tax law customising a policy approach. - related amendments to the Common Reporting Standard (CRS). We encourage you to read the supporting documents for more detail on the CARF requirements. The Crypto Asset Reporting Framework The Organisation for Economic Co‑operation and Development (OECD) developed the CARF. The CARF is a new international tax transparency framework. It allows tax authorities to: collect tax‑related information from providers of crypto asset transactions share tax‑related information on crypto assets with other tax authorities. The reporting is annual, standardised and similar to the CRS. The CARF improves visibility of income from crypto assets. This helps increase compliance with local tax laws and deter tax evasion."... Australian Treasury Read & learn more https://lnkd.in/eyw9TsRy Australia

#HashKeyDailyNews Hong Kong Pledges Crypto Asset Reporting Framework by 2026 to Combat Tax Evasion Hong Kong commits to implementing the Crypto Asset Reporting Framework by 2026 to enhance tax transparency and combat cross-border tax evasion in the growing crypto market. Sources: Cryptonews(See Below Link) https://lnkd.in/dFfTVGBU

Australia Consults on Adopting Tax Reporting Framework for Crypto The consultation explores policy options, compliance timelines, and strategies to ensure transparency and tackle tax evasion in the crypto market. https://lnkd.in/d8u6zqty

The South African Revenue Service (SARS) is turning its attention toward #crypto traders in South Africa—who are now receiving notices that their tax affairs are under review. According to our Tax experts, the taxman is increasing its scrutiny of these traders by impressing on them and clarifying exchange control regulations. Read more: https://bit.ly/3XtmeOW #TaxLaw #Fintech

ICYMI with LinkedIn being down for some of yesterday, as part of the measures tabled for the 2024 budget in the UK was a consultation of CRS effectively being extended to cover cryptoassets. This is a big deal - firms will remember the challenges when CRS came in for TradFi firms and when the travel rule for Crypto firms. Look out for a webinar shortly where we will be discussing this further. #cryptoassets #digitalassets #tax https://lnkd.in/et8CPi83

🔎🌍 Regulatory: Swiss Federal Council initiates consultation on determination of partner states for the AEOI in tax matters concerning #cryptoassets In May 2024, the Swiss Federal Council (𝐒𝐅𝐂) initiated the consultation on extending the international #automatic #exchange of #information in #tax matters (𝐀𝐄𝐎𝐈). The expansion involves, inter alia, the new AEOI concerning #cryptoassets (i.e. digital assets based on a distributed ledger or similar technology) and is due to come into force on January 1, 2026. This consultation will last until September 6, 2024. Today, the SFC initiated the consultation on the determination of #partner #states for the AEOI concerning cryptoassets. With this bill, the SFC is proposing which of the 111 states and territories with which Switzerland has activated the AEOI should automatically exchange information on cryptoassets from 2026, and with which partner states the AEOI concerning cryptoassets could be implemented at a later date (👉 USA, China and Russia are not on the list). An actual exchange is only to take place if the partner states are interested in exchanging information with Switzerland and if they fulfil the requirements of the OECD's Crypto-Asset Reporting Framework. Prior to the automatic exchange of data on cryptoassets, the SFC will also review whether the partner states with which the AEOI has been activated continue to fulfil the standard's requirements. To this end, the review mechanism will also cover the AEOI concerning cryptoassets in future, which will require the 2017 federal decree to be completely revised accordingly. Source: https://lnkd.in/ekTS3axs

🌍 Shaping Australia's Digital Future: CARF and CRS Updates 🇦🇺💡 Australia is taking significant steps toward greater transparency and accountability in the digital economy through its implementation of the OECD's Crypto-Asset Reporting Framework (CARF) and updates to the Common Reporting Standard (CRS). These measures aim to address the unique challenges posed by crypto-assets and ensure fair tax practices in an increasingly digitized financial landscape. Key highlights: Strengthening Tax Transparency: CARF introduces global standards for reporting and exchanging crypto-asset data, closing critical gaps in tax compliance. Promoting Responsible Innovation: Updates to the CRS expand coverage to new digital financial products, ensuring Australia's tax laws keep pace with global trends. Australia's Leadership Role: By adopting these frameworks, Australia not only combats tax evasion but also sets an example for integrating transparency into emerging technologies. This is a pivotal moment for aligning technological advancements with robust governance frameworks. Australia’s proactive approach ensures innovation thrives while safeguarding fairness and accountability in the digital age. 💡 Your thoughts? How do you see CARF shaping the future of crypto-asset governance in Australia and beyond? Let us discuss this in March during the Black Swan Summit in Perth and Murdoch University #CryptoAssets #TaxTransparency #Innovation #Australia #BlockchainGovernance #BlackSwanSummitPerth #SeeYouInPerth WAWEB3Global FinTech Institute GFTN Dr Andrzej Gwizdalski Professor Peter Waring Antonia Girardi Simon McKirdy

Crypto Tax Guide for Czech Investors

Canada is set to adopt the OECD’s Crypto-Asset Reporting Framework (CARF), which is designed to ensure the collection and automatic exchange of information on transactions in crypto-assets.