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Crypto Boom Sends Countries Scrambling to Align Tax Reporting

Jan. 5, 2022, 9:45 AM

Global tax authorities face several daunting challenges this year as they undertake the work of aligning domestic tax reporting on cryptocurrency transactions to create an international standard.

At the heart of the challenge is that countries collect or plan to collect vastly different information on cryptocurrency transactions, a problem that stems from both global differences in tax treatment and the varying legal definitions used in domestic tax reporting regimes.

Cryptocurrency players, like exchanges, say the price of major economies’ failure to align rules includes higher regulatory costs, tax uncertainty and weaker global growth for the sector. Tax experts say the ...