OECD Releases Common Reporting Standard Consolidated Text (1)

The OECD released an unofficial consolidated text of the Common Reporting Standard on Monday, reflecting revisions to include investments in crypto-assets and strengthened reporting requirements.

The Common Reporting Standard, or CRS, directs countries to collect information from their financial institutions and automatically share that information with other countries. The standard continues to be updated since its inception in 2014.

• Monday’s release said a set of amendments in 2022 expanded the scope of the CRS to include specific electronic money products and central bank digital currencies.
• Additional amendments determined that indirect investments in crypto-assets through derivatives and investment ...