Fun

News Feed - 2023-11-10 05:11:25

David Attlee2 minutes ago47 countries pledge to authorize the crypto-asset reporting framework by 2027The Crypto-Asset Reporting Framework is the new international standard for the automatic exchange of information between tax authorities.11 Total viewsListen to article 0:00NewsJoin us on social networksJust under 50 national governments have issued a joint pledge to “swiftly transpose” the Crypto-Asset Reporting Framework (CARF), the new international standard on automatic exchange of information between tax authorities, into their domestic law systems. The statement was published on Nov. 10. 


The Organisation for Economic Cooperation and Development (OECD) published the CARF in 2022. Developed from an April 2021 mandate from the G20, the CARF framework requires reporting on the type of cryptocurrency and digital asset transaction — whether through an intermediary or a service provider.


The statement’s authors intend to activate exchange agreements for information exchanges to commence by 2027. According to the text:“The widespread, consistent and timely implementation of the CARF will further improve our ability to ensure tax compliance and clamp down on tax evasion, which reduces public revenues and increases the burden on those who pay their taxes.”


The list of pledging countries includes all 38 member states of the OECD and some traditional financial offshore havens such as the United Kingdom’s Overseas Territories of the Cayman Islands and Gibraltar. However, being Europe-centered, it misses crucial markets such as China and Hong Kong, the United Arab Emirates, Russia and Turkey. There is also not a single African country and only two Latin American ones — Chile and Brazil. 


Headline:How to manage crypto losses on tax returns in the US, UK and Canada


CARF is not the only tax information exchange protocol that is being implemented on the international level to capture crypto income. In October, the eighth iteration of the Directive on Administrative Cooperation (DAC8) — a cryptocurrency tax reporting rule — was formally adopted by the Council of the European Union. DAC8 aims to grant tax collectors the jurisdiction to monitor and evaluate every cryptocurrency transaction carried out by individuals or entities within any other EU member state.


Magazine:2 years after John McAfee’s death, widow Janice is broke and needs answers# Taxes# OECD# RegulationAdd reactionAdd reactionRead moreCan crypto Privacy Pools help balance privacy and regulation?How to manage crypto losses on tax returns in the US, UK and CanadaIRS extends comments period for new crypto tax rule to mid-November

News Feed

New Draft Law in Uruguay Could Legalize Crypto as Payment Method
New Draft Law in Uruguay Could Legalize Crypto as Payment Method A new draft law introduced to the Senate in Uruguay could regulate cryptocurrency transactions,
Ethereum Bullish Wave Towards ATH Coming? Here Are The Targets
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
FTX Launches Cross-Platform NFT Marketplace
FTX Launches Cross-Platform NFT Marketplace FTX, a spot and cryptocurrency exchange, announced the launch of an NFT marketplace on its trading platform today. According to the info
Bitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report
Bitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report Ahead of the latest nonfarm payrolls report, bitcoin rose to a multi-week high above $22,000 on F
How to Give Bitcoin or Another Cryptocurrency as a Gift Using BitCard
How to Give Bitcoin or Another Cryptocurrency as a Gift Using BitCard press release PRESS RELEASE. As Bitcoin and crypto grows in its appeal and global use by individuals, businesse
Telegram Drops TON Cryptocurrency Project After US Prohibits Global Distribution
Telegram Drops TON Cryptocurrency Project After US Prohibits Global DistributionPopular messaging app Telegram has shut down its TON cryptocurrency project. Telegram founder Pavel D
Savannah Fortis11 hours agoUS regulators consider regulating political deep fakes ahead of 2024 electionThe U.S. Federal Election Commission unanimously voted to advance a petition to regulate political ads that use arti
Colombia to Use Ripple Ledger to Issue Land Registry Certificates
Colombia to Use Ripple Ledger to Issue Land Registry Certificates The government of Colombia announced a new system that will allow it to use the Ripple Ledger to store and authent
Solana Eyes $200 Target As It Gains Momentum – Recovery Could Mirror 3-Month Downtrend
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Derivatives, Spot Markets, Dex Swaps — 30 Day Crypto Trade Volumes Slipped Across the Board Last Month
Derivatives, Spot Markets, Dex Swaps — 30 Day Crypto Trade Volumes Slipped Across the Board Last Month Digital currency markets have been tumultuous during the past month as bitc
VanEck eyes $350 Solana price, Tornado Cash dev to face criminal trial: Finance Redefined
Zoltan Vardai5 hours agoVanEck eyes $350 Solana price, Tornado Cash dev to face criminal trial: Finance RedefinedSolana’s market cap could reach 50% of Ether’s due to its superior transaction throughput, according to
Stock Trader Dave Portnoy Dives Into Bitcoin, Only to Panic-Sell After Chainlink Plunges
Stock Trader Dave Portnoy Dives Into Bitcoin, Only to Panic-Sell After Chainlink PlungesHigh profile stock trader Dave Portnoy has panic sold his bitcoin one week after he got into