G20 will review the cryptocurrency-related framework (that was recently submitted) in its upcoming meeting. The move is a part of the larger trend across the globe where countries are moving towards strong regulations in regard to cryptocurrency. Finance Ministers and Central Bank Governors from G20 member states will be reviewing the Crypto-Asset Reporting Framework (CARF) […]
G20 will review the cryptocurrency-related framework in its upcoming meeting. The move is a part of the larger trend across the globe where countries are moving towards strong regulations in regard to cryptocurrency.
G20 consists of twenty countries such as China, India, South Korea, Brazil, the U.S., the United Kingdom, and the European Union.Last year, G20 tasked the OECD with creating a plan for cryptocurrency tax reporting among members. In addition, such transfers are not subject to the supervision of any central regulator. The cryptocurrency market has also given rise to service providers such as crypto exchanges and wallet providers that mostly remain unregulated.
The proposed framework defines what crypto assets and NFTs are. It also provides a plan for crypto tax reporting among countries; it also includes provisions for crypto derivatives trading.
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