Around forty countries have committed to implementing by 2027 an international standard for more transparency and exchange of information on crypto-assets between tax authorities, according to a joint press release published Friday.
In a joint press release, 48 signatory countries and territories “welcome” this “new international standard on the automatic exchange of information between tax authorities”, developed by the Organization for Economic Co-operation and Development (OECD) and called “Framework of declaration of crypto-assets (CDCA)”.
It must contribute to the fight against fraud and tax evasion linked to crypto-assets, such as Bitcoin. A complex task because these “can be transferred and held without the intervention of traditional financial intermediaries such as banks, and without a central administrator having full knowledge of the transactions carried out or the location of the assets”, notes l OECD.
“We strongly welcome the broad support for rapid action to make the international exchange of information on crypto-asset reporting a reality,” said OECD Secretary-General Mathias Cormann. in a press release.
The list of countries engaged in the application of this international standard includes major economic powers such as the United States, Japan, Germany, France, the United Kingdom, Brazil, Canada and South Africa. .
To this list is also added Cyprus, Malta, and the Cayman Islands.
“Widespread, consistent and rapid implementation of the CDCA will further improve our ability to ensure compliance with tax obligations as well as combat tax evasion, which reduces public revenue and shifts the burden onto those who pay their taxes” , declare with one voice the signatory countries and territories.
“As jurisdictions hosting dynamic crypto-asset markets, we therefore intend to work towards the rapid transposition of the CDCA into domestic law,” details the press release.
This application should make it possible to “initiate exchanges from 2027, subject to the application of national legislative procedures”, it is specified.