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India Calls on G20 to Bring Crypto Within Global 'Automatic Exchange of
Information' Framework – Regulation Bitcoin News
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Jul 17, 2022
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Regulation

by Kevin Helms

33 mins ago

 * 
 * 0




INDIA CALLS ON G20 TO BRING CRYPTO WITHIN GLOBAL 'AUTOMATIC EXCHANGE OF
INFORMATION' FRAMEWORK




India’s finance minister has called on the G20 countries to bring crypto within
the “Automatic Exchange of Information” framework. More than 100 countries have
adopted the Common Reporting Standard under the framework.


G20 URGED TO BRING CRYPTO UNDER AUTOMATIC EXCHANGE OF INFORMATION

India’s finance minister, Nirmala Sitharaman, talked about cryptocurrency Friday
during the G20 Ministerial Symposium on Tax and Development in Bali, Indonesia.

Noting that “tax transparency” is an area where “considerable progress has been
made with the Automatic Exchange of Information in respect of financial
accounts,” she described: “Our investigations have shown that numerous layers of
entities are often set up by tax evaders to conceal their unaccounted assets.”

Sitharaman added that although “the Automatic Exchange of Information framework
provides for financial account information to various jurisdictions, tax
evaders, being smart, explore other avenues to shift their unaccounted wealth
through investment in non-financial assets.” Emphasizing that this area is a
point of action for the G20, the finance minister detailed:

> While the development of the crypto asset reporting framework is underway, I
> call upon the G20 to examine the feasibility of an Automatic Exchange of
> Information in respect of other non-financial assets beyond those covered
> under the CRS like immovable properties as well.

The Automatic Exchange of Information (AEOI) aims to reduce global tax evasion.
The Common Reporting Standard (CRS) is an information standard for the AEOI. It
was developed in response to a G20 request and approved by the Organisation for
Economic Co-operation and Development (OECD) Council in July 2014.

The CRS calls on jurisdictions to obtain information from their financial
institutions and automatically exchange that information with other
jurisdictions on an annual basis, the OECD described.




100+ COUNTRIES HAVE COMMITTED TO THE CRS

The Indian finance minister continued: “Over 100 countries have committed to
exchanging financial account information under the Common Reporting Standards.”

However, she pointed out that some jurisdictions have yet to commence exchanges
of information under this framework. They “will have to be brought in … Therein
lies one work agenda for G20,” Sitharaman stressed. She opined:

> I would think it is for the G20 to play the role of a catalyst in encouraging
> these jurisdictions to become part of the Automatic Exchange of Information
> and this mechanism because it can strengthen global efforts against offshore
> tax evasion and avoidance.

TAGS IN THIS STORY

automatic exchange of information, countries collaborating, countries sharing
information, G20, g20 crypto, g20 cryptocurrency, india g20, indian finance
minister, information sharing, Nirmala Sitharaman, OECD

Do you think crypto should be included in the Automatic Exchange of Information
framework? Let us know in the comments section below.

KEVIN HELMS

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an
evangelist ever since. His interests lie in Bitcoin security, open-source
systems, network effects and the intersection between economics and
cryptography.





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