Earlier this year, the Organization for Economic Co-operation and Development (OECD) released a public consultation document proposing amendments to its crypto-asset reporting regime. The document outlines due diligence procedures and describes the assets involved and the reporting nexus. But crypto and banking industry leaders are pushing back. They disagree with how the new framework defines “virtual assets,” calling the definition “overly broad” and saying that it potentially includes assets other than those used for payment and investment. Industry members also argue that compliance with OECD’s reporting requirements would be “impossible” and that certain data is unobtainable. Call or visit our website for more information! www.mjscpa.com/
