India and other countries hope to establish a reporting framework for crypto assets by 2027.

G20 leaders are moving quickly to develop a reporting framework for crypto assets, The Times of India reported September 9.

The framework will see G20 member countries collect and share information on the use of cryptocurrencies and digital assets. The data will be used to ensure that people using cryptocurrencies do not evade taxes.

The G20 leaders stressed that the plan should be enacted as soon as possible, writing:

“We call for the swift implementation of the Crypto-Assets Reporting Framework (“CARF”) and revisions to the [Common Reporting Standard] CRS.”

In the same statement, the leaders asked the Global Forum on Transparency and Exchange of Information for Tax Purposes to set a timeline for launching an information exchange program. The countries involved are reportedly aiming to launch the program by 2027.

The Times of India said the G20 leaders' declaration was adopted unanimously, but did not describe the next steps for creating a framework.

Indian Union Finance Minister Nirmala Sitharaman has suggested that the International Monetary Fund (IMF) and the Financial Stability Board (FSB) will define the “contours” of a cryptocurrency framework. The statement was published in another report by Livemint.

G20 has broader tax plans

While the latest statement from G20 leaders focuses in part on cryptocurrency reporting, the group intends to reform tax reporting more broadly. The Common Reporting Standard (CRS) is intended to apply to other non-financial assets, such as real estate.

In addition, about 140 countries, including India, plan to develop an international, two-pillar tax scheme that would force many multinational companies to pay minimum taxes — though the plan has yet to be implemented.

G20 leaders also expressed a desire to establish a stablecoin regulatory body in a paper published on September 7. The report suggested that stablecoins could cause volatility and pose risks to financial stability, thus requiring new regulation.

India plays a central role in the latest developments as it is currently hosting the 2023 G20 summit in its capital New Delhi. #G20  #加密货币