New Expanded CRS Reporting! (CRAF, Crypto & Offshore Opportunities)

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We all know about common reporting standards and how they made banking extremely difficult.
Rules like CFC and FATCA made banks liable for everything their customers may do, which increased regulations and compliance and finally, made banking close to impossible in some places.

But so far, crypto has been exempt from all this. While banks needed to report back to your home country (or country where you're taxable), crypto is an anonymous and independent way to send and receive funds.

Your government had no chance of policing your transactions unless you were to report them yourself.

But now governments want to know more! This year they proposed a crypto-asset reporting framework.
According to this various different players in the crypto space, especially exchanges would need to comply with common reporting standards.

What does it mean for crypto regulation? Can we expect the burdensome rules that apply to banks to also apply to crypto in the near future?
Who are we and what do we do?

We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.

We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer

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