”Crypto-Asset Reporting Framework” from OECD

Organization for Economic Co-operation and Development (OECD), of which Turkey is among its members, to cryptocurrencies prepared a new 100-page joint draft on new design, Crypto Asset Reporting Framework was named.

The OECD recently announced the bill, which was prepared to prevent individuals or organizations from avoiding tax evasion from member countries by using cryptocurrencies. According to the bill, 38 countries, including Turkey, will share crypto-related taxpayers’ information with each other.

Cryptocurrency taxpayers’ information is planned to be shared simultaneously with the Common Reporting System (CRS) used by member countries.

OECD Secretary General Mathias Cormann said the following about the new crypto bill:

“The Joint Reporting System has been successful in preventing not only tax evasion but also crimes such as drug trafficking. Member countries exchanged information on 111 million financial accounts with the CRS last year. The new crypto bill we have completed today will take on a similar task.”

The Crypto Asset Reporting Framework will be on the agenda at the G20 meeting in Washington on October 12-13. Central bank governors of member countries will review the bill and comment on the issue.

Cryptocurrencies cannot be controlled by an authority due to their nature. This situation worries governments and central bankers. Central bank governors around the world have been criticizing cryptocurrencies in recent days.