47 countries pledge to authorize Crypto-Asset Reporting Framework by 2027

yhiaali3

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Quote from: stompix on November 29, 2023, 06:40:52 AM

You really need to understand the differences between an office, headquarters and countries where you're licensed to operate.

Thank you for telling me the difference between office, headquarters and the countries that give you a license to operate in. Although I think I know the differences between them well. but it's okay.

In any case, I do not want to expand the debate further so that we do not become sidetracked. In any case, I believe that even if these companies do not have headquarters in the Emirates or Hong Kong, they will do so later due to the United States’ hostile policy towards Crypto, and The open policy of these countries towards crypto.

Thank you.

stompix

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Quote from: yhiaali3 on November 29, 2023, 03:59:06 AM

Thanks for the hint, I said “most crypto companies” and not “most exchanges”.
~
Here you will find the five best exchanges in the UAE

1. eToro
2. OKX
3. Uphold
4. Bybit
5. Binance
~

Bruh...you say companies and then go with a list of exchnges? Grin

Common, don't do that!

Besides, I've already told you, opening an office in Dubai or Qatar or India or Japan doesn't mean a thing, you will have to obey the rules of the country where your clients are, and Binance getting kicked out of Japan, Australia, France, Canada well before the US is pretty much evidence of what matters, see how their whole no headquarters no nothing office in UAE meant nothing when the US slapped them a 4 billion fine and told CZ to step down or face prison?

Also the first in that list in headquartered in Israel, Uphold in The US what do you think they will do? Flee to UAE and drop all G20 clients? Grin

Common be serious!

You really need to understand the differences between an office, headquarters and countries where you're licensed to operate.
Ferrari for example has an office in Hong Kong, do you think it's relevant?

yhiaali3

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Quote from: stompix on November 28, 2023, 11:57:56 AM

Quote from: yhiaali3 on November 28, 2023, 06:14:16 AM

It is good that Hong Kong and the UAE are out of this list because most of the crypto companies are currently opening their offices in these two countries.

Define most:
- Binance none

- Okx, Kucoin Seychellesd.

Thanks for the hint, I said “most crypto companies” and not “most exchanges”.

Anyway, among the list you mentioned, there is Binance, which has an office in Dubai, as well as Okx:

Quote

OKX received a Minimal Viable Product (MVP) preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA) on June 15, according to a company statement.

Gaining the license is the required step toward offering spot, derivatives, and fiat services, including U.S. dollar and United Arab Emirates Dirham (AED) deposits, withdrawals, and spot pairs, to institutional and qualified retail customers in Dubai.

In the statement, OKX said the United Arab Emirates is a key strategic hub for the exchange and it will operate from the new office in the Dubai World Trade Center.

Forkast’s Jenny Ortiz spoke with OKX Chief Commercial Officer Lennix Lai about what the preparatory license means for the company and their plans in Dubai and the UAE.

https://forkast.news/okx-crypto-exchange-dubai/

Here you will find the five best exchanges in the UAE

1. eToro
2. OKX
3. Uphold
4. Bybit
5. Binance
Best Crypto Exchanges UAE

As you can see OKX and Binance are included in the list.

In addition, you can read this article and you will find a large number of crypto companies operating in the UAE.
https://www.yello.ae/category/cryptocurrency

I'm from that area and I know what I'm saying.

stompix

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Quote from: yhiaali3 on November 28, 2023, 06:14:16 AM

It is good that Hong Kong and the UAE are out of this list because most of the crypto companies are currently opening their offices in these two countries.

Define most:
- Binance none
- Coinbase, Kraken, Gemini, Okcoin, Riot, Mara, Hut8, BitPay, Grayscale, Galaxy Digital, Fortress , MicroStrategy u know where they are
- Blockstream , DMG Canada
- Okx, Kucoin Seychelles
- Bitmain and Whatsminer China
- Bitfinex - British Virgin Islands
- Coingate Lithuania, Bitstamp Luxembourg

Besides, it doesn't matter here the offices, it matters where the money is, and that we all know where is centered.

yhiaali3

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It is good that Hong Kong and the UAE are out of this list because most of the crypto companies are currently opening their offices in these two countries.

It is also clear that the presence of China, Russia and Turkey outside the list is due to political reasons and not economic reasons as it seems. This may be used as a pressure card on these countries to obtain certain concessions at a later time.

As for why most African countries were excluded, I could not determine the real reasons, since these countries participating in the CARF agreement are trying to control Crypto by including the largest number of countries.

joniboini

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Quote from: zasad@ on November 23, 2023, 05:19:22 AM

Nowadays there are still enough centralized exchanges without KYC and you can use them whenever possible. Of course, all of these exchanges have an agreement that they can require KYC at any time. I use them for small exchanges of a few hundred dollars if I need to sell something.

Yeah, I know about them. But most of them don't provide what I need (such as my country's fiat withdrawal, etc), which means I stick with local exchanges or P2P. So far they don't require any crazy KYC requirements so it is still fine for me. I think this will stay for a while. Probably be a year or so until the government introduces a new law, if any, since elections and stuff might bring new personnel to the government that have different beliefs from their predecessors.

zasad@

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Quote from: joniboini on November 22, 2023, 09:06:35 PM

Quote from: zasad@ on November 22, 2023, 07:52:33 AM

if you use centralized services, then expect that all your transactions will be transferred to your government and your tax service. Then you will be ready to formalize everything correctly legally and pay taxes.
The statute of limitations for tax crimes varies widely across countries.

That's true. At the very least in my country, you'll get taxed automatically if you use any centralized services. As far as I know, there won't be a penalty if you forget to report it on your yearly tax report, and there is no tax on your crypto savings until you sell them, AFAIK. I feel like this might change if they need more money from the crypto community. Hopefully, they will make it easier to calculate and pay them instead of indirectly trying to make people get sanctioned for supposedly hiding their wealth.

Nowadays there are still enough centralized exchanges without KYC and you can use them whenever possible. Of course, all of these exchanges have an agreement that they can require KYC at any time. I use them for small exchanges of a few hundred dollars if I need to sell something.
From examples
https://www.mexc.com/

joniboini

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Quote from: zasad@ on November 22, 2023, 07:52:33 AM

if you use centralized services, then expect that all your transactions will be transferred to your government and your tax service. Then you will be ready to formalize everything correctly legally and pay taxes.
The statute of limitations for tax crimes varies widely across countries.

That's true. At the very least in my country, you'll get taxed automatically if you use any centralized services. As far as I know, there won't be a penalty if you forget to report it on your yearly tax report, and there is no tax on your crypto savings until you sell them, AFAIK. I feel like this might change if they need more money from the crypto community. Hopefully, they will make it easier to calculate and pay them instead of indirectly trying to make people get sanctioned for supposedly hiding their wealth.

zasad@

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Quote from: joniboini on November 20, 2023, 09:23:02 PM

Is there an ELI5 on how they will monitor transactions? What's the difference between what they do right now (asking exchange for customers' info, etc)? Does this framework just introduce an interconnected reporting approach for each country?

A bit surprised to see my country not on this list, considering some neighbors are also there. I think it is just a matter of time though, but I doubt it will be that impactful since most exchange already taxes transactions on behalf of the government here. I guess the goal is to track transactions made on overseas platform if they do participate here. CMIIW.

I read a lot of legislation and one important conclusion I came to is that if you use centralized services, then expect that all your transactions will be transferred to your government and your tax service. Then you will be ready to formalize everything correctly legally and pay taxes.
The statute of limitations for tax crimes varies widely across countries.

joniboini

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Is there an ELI5 on how they will monitor transactions? What's the difference between what they do right now (asking exchange for customers' info, etc)? Does this framework just introduce an interconnected reporting approach for each country?

A bit surprised to see my country not on this list, considering some neighbors are also there. I think it is just a matter of time though, but I doubt it will be that impactful since most exchange already taxes transactions on behalf of the government here. I guess the goal is to track transactions made on overseas platform if they do participate here. CMIIW.

avikz

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Quote from: philipma1957 on November 15, 2023, 10:18:38 PM

Quote from: Poker Player on November 15, 2023, 10:12:29 PM

The fact that countries collaborate to collect taxes seems legitimate to me, but what I see as bad about this is that it is one more step towards a total control of the population and a total absence of privacy. We keep seeing news in this section that are all aimed at the same thing, a mass surveillance. And I guess there will be no massive protests because this is being done little by little, like the frog that is slowly boiling.

actually last I counted there are over 186 countries.

and if 47 say yes

5 + 54(every African country) = 59 say no

there are more than 80 not accounted for.

47 yes
59 no
80 ?
186 I think there are 195 not 186. still 80 - 89 not accounted for means a lot.

Number of countries doesn't really make any difference to the approach. The target here is to have the biggest economist of the world into this information sharing agreement. If some small economics are not in this list, it doesn't impact anything.

China and Hong Kong are out of the list because of some of some obvious reasons. But as long as you have the big economics sharing information with each other, the goal is fulfilled.

zasad@

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Quote from: philipma1957 on November 15, 2023, 10:18:38 PM

Quote from: Poker Player on November 15, 2023, 10:12:29 PM

The fact that countries collaborate to collect taxes seems legitimate to me, but what I see as bad about this is that it is one more step towards a total control of the population and a total absence of privacy. We keep seeing news in this section that are all aimed at the same thing, a mass surveillance. And I guess there will be no massive protests because this is being done little by little, like the frog that is slowly boiling.

actually last I counted there are over 186 countries.

and if 47 say yes

5 + 54(every African country) = 59 say no

there are more than 80 not accounted for.

47 yes
59 no
80 ?
186 I think there are 195 not 186. still 80 - 89 not accounted for means a lot.

If countries with the largest markets and capitals accept this agreement, then other countries will follow these demands if they want to attract capital. China will be forced to accept certain points of this agreement because this country has many trade relations. The United Arab Emirates has also done a lot over the past 10 years for financial control.

philipma1957

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Quote from: Poker Player on November 15, 2023, 10:12:29 PM

The fact that countries collaborate to collect taxes seems legitimate to me, but what I see as bad about this is that it is one more step towards a total control of the population and a total absence of privacy. We keep seeing news in this section that are all aimed at the same thing, a mass surveillance. And I guess there will be no massive protests because this is being done little by little, like the frog that is slowly boiling.

actually last I counted there are over 186 countries.

and if 47 say yes

5 + 54(every African country) = 59 say no

there are more than 80 not accounted for.

47 yes
59 no
80 ?
186 I think there are 195 not 186. still 80 - 89 not accounted for means a lot.

Poker Player

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The fact that countries collaborate to collect taxes seems legitimate to me, but what I see as bad about this is that it is one more step towards a total control of the population and a total absence of privacy. We keep seeing news in this section that are all aimed at the same thing, a mass surveillance. And I guess there will be no massive protests because this is being done little by little, like the frog that is slowly boiling.

zasad@

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https://cointelegraph.com/news/47-countries-authorize-crypto-asset-reporting-framework-2027
https://www.iras.gov.sg/media/docs/default-source/uploadedfiles/pdf/collective-engagement-to-implement-the-crypto-asset-reporting-framework-(carf)---annex-a.pdf?sfvrsn=59e4734c_3

"Just under 50 national governments have issued a joint pledge to “swiftly transpose” the Crypto-Asset Reporting Framework (CARF), a new international standard on automatic exchange of information between tax authorities, into their domestic law systems. The statement was published on Nov. 10.

The Organisation for Economic Cooperation and Development (OECD) published the CARF in 2022. Developed from an April 2021 mandate from the G20, the CARF framework requires reporting on the type of cryptocurrency and digital asset transaction — whether through an intermediary or a service provider."

China and Hong Kong, the United Arab Emirates, Russia, and Turkey and most African countries are not on this list.

Topic: 47 countries pledge to authorize Crypto-Asset Reporting Framework by 2027 (Read 171 times)