Скачать или смотреть The Global Movement to Promote Crypto Tax Transparency — What You Need to Know

In Europe and the U.S., there are a host of initiatives placing new requirements on participants in digital asset markets to report on transactions and meet other new provisions.

This op-ed is part of CoinDesk’s Tax Week, presented by TaxBit. Erin Fennimore is the VP of Tax Solutions at TaxBit.

The digital asset industry has seen significant regulatory movement in the United States and abroad, all to promote tax transparency.

This trend for global transparency is driven by many factors, such as tax evasion and avoidance, and the overall goal of ensuring a fair and transparent global tax system.

The primary vehicle of tax transparency is the exchange of information between enterprises and local tax authorities. Outside of the U.S., the Organization for Economic Co-operation and Development (OECD) and G20 have led the initiative to promote global tax transparency.

This article will help highlight the key takeaways from the proposed digital asset broker regulations in the U.S. and other key initiatives across the globe, highlighting important commonalities and timelines.

U.S. proposed digital asset broker regulations.

The U.S. Treasury Department issued proposed regulations clarifying the definitions, requirements and implementation timelines for digital asset brokers' tax information reporting requirements as outlined in the Infrastructure Investment and Jobs Act (IIJA) passed by Congress in 2021.

See also: The IRS Should Offer a Free Tax Reporting Tool to DeFi Users | Tax Week

"These proposed regulations are designed to help end confusion involving digital assets and provide clear information and reporting certainty for taxpayers, tax professionals, and others," said IRS Commissioner Danny Werfel.

The regulations are a significant step in the regulation of digital assets in the United States. They are expected to have a significant impact on the digital asset industry. The regulations are also expected to increase transparency in the digital asset market and help combat money laundering and other financial crimes.

Key takeaways:.

It is important to note that these regulations are not finalized. The IRS is accepting comments on the proposed regulations and held a virtual public hearing on Nov. 13. All comments made to the IRS are public and can be viewed on the federal commentary docket website.

The key areas that highlight the impact on the digital asset community are summarized below.

Digital asset broker.

A “digital asset broker” in the proposed regulations is defined as any person who provides services facilitating the sale or exchange of digital assets, including centralized exchanges, digital asset payment processors and certain decentralized protocols where there is sufficient control or influence over the protocol to make changes to it.

Along with the clarification and more narrowly tailored digital asset broker definition, the proposed regulations refined the language to focus on three types of enterprises.

Centralized exchange operators that facilitate digital asset transfers on behalf of users

Digital asset payment processors

Decentralized protocols accessible to U.S.-based individuals that meet certain requirements.

The third categorical example necessitates the most nuanced analysis. At a high level, an enterprise that falls into the third category will need to determine if two factors are met under the proposed...

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