UK Consults on Implementation of OECD Crypto Reporting Framework
The U.K. has initiated a consultation on the implementation of the Organization for Economic Co-operation and Development's (OECD) crypto reporting framework after the spring budget speech. The Treasury anticipates that the implementation of the framework could generate £35 million ($45 million) between 2026 and 2027 and £95 million between 2027 and 2028. The OECD framework is a new standard that aims to address tax non-compliance and ensure the exchange of information on transactions for relevant crypto across jurisdictions. The government is closing gaps in the tax transparency system by implementing international standards due to recent developments in financial technology and the global crypto-asset market. The consultation will end on May 29.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
D.O.G.E. comes into effect by order on Day 1 of Trump Office
Ripple vs SEC: John Deaton Says SEC Appeal Likely to Fail
Deaton believes that the appeal of the SEC is weak. In the past, Judge Torres decided that the SEC did not meet certain requirements.
Vivek Ramaswamy exits DOGE role as Elon Musk takes control
Ramaswamy leaves DOGE for possible Ohio bid as Musk spearheads federal streamlining.
SEC unveils crypto task force led by ‘Crypto Mom’ Hester Peirce to forge new regulatory path
The new task force aims to avoid regulation by enforcement and will cooperate with other US agencies.