Strategic insights for navigating new Tax Reporting regulations on crypto assets

This all-star panel provides crucial insights into upcoming mandatory tax reporting duties for crypto assets. Esteemed speakers cover topics including the Crypto-Asset Reporting Framework (CARF), DAC8, CRS (Common Reporting Standard), US 1099, and related challenges. The panel also addresses internal preparations, platform end-user readiness, and technical and multi-jurisdictional challenges. 

Key takeaways from the panel include: 

• Clearly define the scope of your activities and avoid expanding beyond it until you have a solid understanding of the regulatory requirements.  
• Analyze your products at both the account and transaction levels to determine their classification under different regulatory frameworks.  
• Ensure you have robust data management systems in place to handle the different reporting requirements of CARF, CRS, and US 1099 regulations.  
• Stay informed about regulatory developments and engage with tax authorities and industry groups to address any issues and ensure compliance. 
• Develop a comprehensive implementation plan that includes educating your team, updating systems, and ensuring all necessary documentation is in place. 

“You can only imagine if I'm touching all those disciplines [...], you really have to have a project plan. You have to have an internal framework for implementation.”

Lawrence Zlatkin, VP Tax, Coinbase 

"Every institution really needs to think about these holistically, not just here's this CARF and here's the CRS."

Jessalyn Dean, Managing Director, Dune Consultants