This is our fifth monthly bulletin for 2022, aiming to help companies identify important and significant legal developments governing the use and acceptance of blockchain technology, smart contracts and digital assets.
While the use cases for blockchain technology are vast, this bulletin will be primarily on the use of blockchain and or smart contracts in the financial services sector. With respect to digital assets, we have organized our approach to this topic by discussing it in terms of traditional asset type or function (although the types and functions may overlap), that is, digital assets as:
- Securities
- Virtual currencies
- Commodities
- Deposits, accounts, intangibles
- Negotiable instruments
- Electronic chattel paper
- Digitized assets
In addition to reporting on the law and regulation governing blockchain, smart contracts and digital assets, this bulletin will discuss the legal developments supporting the infrastructure and ecosystems that enable the use and acceptance of these new technologies.
INSIGHT
OECD releases public consultation document on crypto tax reporting in effort to increase transparency
The Organisation for Economic Co-operation and Development (OECD) has released a public consultation document, Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard. The document responds to a request from the G20 to develop a framework to assist in the automatic exchange of information related to cryptoassets, arising from concerns about the rapid adoption of cryptoassets for both investment purposes and other financial activities, and the likelihood that cryptoassets are not within the scope of many international tax reporting regimes (such as CRS, discussed below).
Generally speaking, the public consultation document, released in March, lays out the proposed Crypto-Asset Reporting Framework (CARF), which is a global cryptoasset reporting and exchange of information regime and proposed amendments to the existing Common Reporting…
