G20 Leaders Endorse New Global Tax Rules and Crypto Asset Regulation

G20 leaders commit to swiftly implement global tax reforms including a digital tax framework and minimum corporate tax rate.
Significant progress made on 'pillar one' tax reforms, with multilateral convention text expected in 2023.
Countries taking steps to implement 'pillar two' reforms on global anti-base erosion rules.
G20 endorses FSB recommendations on regulating crypto assets to avoid regulatory arbitrage.
Leaders welcome IMF-FSB report on crypto asset regulations and commit to monitoring crypto ecosystem risks.

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Relevant topic timeline:

8/25/2023

Sweeping U.S. Tax Proposal Met With Boos From Crypto World

The U.S. Treasury Department's new proposal on digital asset taxes is facing criticism from the crypto industry, as it may capture decentralized operations that are difficult to comply with, although it may also provide a clear path for crypto investors to file their taxes.

8/28/2023

Indian PM Modi calls for global cryptocurrency framework at G20 Summit

Indian Prime Minister Narendra Modi has called for global collaboration on formulating crypto regulations during the annual G20 summit, advocating for a comprehensive global framework for regulating cryptocurrencies despite India's own lack of regulatory clarity and high taxation.

9/5/2023

Global Standard Setters to Deliver Global Crypto Policy Roadmap

The Financial Stability Board and International Monetary Fund are releasing a joint paper at the G20 Summit that outlines a roadmap for global coordination and policy frameworks for cryptocurrencies.

9/8/2023

Coinbase Shifts Focus Abroad Amid Murky US Crypto Rules

Crypto exchange Coinbase plans to focus on non-U.S. markets, including the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia, due to their clearer crypto laws, as it seeks to expand its operations and establish partnerships with global and local banks and payment providers while ensuring compliance with governance systems. The company also aims to intensify its lobbying and visibility efforts ahead of the EU elections and engage with the G20 to create global crypto standards.

9/9/2023

G20 Leaders Agree to Start Sharing Crypto Transaction Data in 2027

The leaders of the G20 countries have called for the swift implementation of a cross-border framework for crypto assets that would facilitate information exchange between jurisdictions starting in 2027, aiming to give tax authorities greater visibility into crypto transactions.

9/10/2023

Biden, G20 Leaders Back New Crypto Regulations That Could Impact Bitcoin, Ethereum Prices

The G20, including U.S. president Joe Biden, has endorsed the Financial Stability Board's recommendations for regulating cryptocurrencies, which could have a significant impact on the prices of Bitcoin, Ethereum, BNB, XRP, and other major cryptocurrencies.

9/11/2023

G20 Summit Unlikely to Spur Major Crypto Crackdown Despite India's Push

The G20 summit in India is expected to deliver a group agreement on the need for stricter global regulation on crypto assets, but the underlying fractures and shifting allegiances may render the focus more noise than substance.

9/11/2023

G20 Agrees to Give Tax Authorities More Oversight of Crypto Transactions to Combat Tax Evasion

The leaders of the G20 nations have agreed to provide global tax authorities with more transparency on cryptocurrency transactions, indicating a growing global cooperation on cryptocurrency, even though implementation may take several years.

9/11/2023

138 Countries Likely to Sign Global Tax Agreement by 2022 to Curb Corporate Tax Avoidance

A global tax convention to tackle tax avoidance by multinational corporations, including tech giants, is expected to be signed by 138 countries by the end of the year for implementation in 2025, along with a separate framework enforcing a 15% minimum global corporate tax rate.

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Posted 9/9/2023, 12:23:56 PM

G20 Leaders Endorse New Global Tax Rules and Crypto Asset Regulation

G20 leaders commit to swiftly implement global tax reforms including a digital tax framework and minimum corporate tax rate.
Significant progress made on 'pillar one' tax reforms, with multilateral convention text expected in 2023.
Countries taking steps to implement 'pillar two' reforms on global anti-base erosion rules.
G20 endorses FSB recommendations on regulating crypto assets to avoid regulatory arbitrage.
Leaders welcome IMF-FSB report on crypto asset regulations and commit to monitoring crypto ecosystem risks.

livemint.com

Relevant topic timeline:

8/25/2023

Sweeping U.S. Tax Proposal Met With Boos From Crypto World

8/28/2023

Indian PM Modi calls for global cryptocurrency framework at G20 Summit

9/5/2023

Global Standard Setters to Deliver Global Crypto Policy Roadmap

The Financial Stability Board and International Monetary Fund are releasing a joint paper at the G20 Summit that outlines a roadmap for global coordination and policy frameworks for cryptocurrencies.

9/8/2023

Coinbase Shifts Focus Abroad Amid Murky US Crypto Rules

9/9/2023

G20 Leaders Agree to Start Sharing Crypto Transaction Data in 2027

9/10/2023

Biden, G20 Leaders Back New Crypto Regulations That Could Impact Bitcoin, Ethereum Prices

9/11/2023

G20 Summit Unlikely to Spur Major Crypto Crackdown Despite India's Push

9/11/2023

G20 Agrees to Give Tax Authorities More Oversight of Crypto Transactions to Combat Tax Evasion

9/11/2023

138 Countries Likely to Sign Global Tax Agreement by 2022 to Curb Corporate Tax Avoidance