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A common global cryptocurrency tax. Already in 2020 year.
Last Saturday, during the G20 summit, cryptocurrencies were one of the side topics discussed. 19 representatives of the richest countries and the European Union maintained their position from the March summit, which assumes the creation of universal, international legal regulations that will be able to control the development of cryptocurrencies. The effect of the December meeting in the context of digital currencies was the signing of declarations regarding the introduction of international, common taxation rules and anti-money laundering standards using cryptocurrencies.
License for ... cryptocurrencies
The two-day G20 summit in Buenos Aires resulted in the signing of the aforementioned declaration by all member countries. The main goal is to introduce regulation of cryptocurrencies in accordance with the standards of the Special Group on the Prevention of Money Laundering (FATF). First of all, this is to prevent the financing of terrorism and the prevention of money laundering (AML). The regulations will cover all exchanges offering exchange of cryptocurrencies as well as entities that turn over them.
One of the provisions of the FATF requires participants to trade in virtual currencies (primarily exchange offices and exchanges) to obtain a license, and to carry out a strictly defined process of verifying the identity of their clients (the Know Your Client). After the entry into force of these provisions, all entities trading in cryptocurrencies within the G20 countries will be obliged to verify their clients.
A common global tax
During the cryptocurrency debate, G20 representatives agreed that changes are also needed in the area of taxes. The solution is to develop uniform, international tax regulations. According to the member states, only such a solution can prevent the so-called "Tax holes" that avoid paying taxes to the tax by holders of digital currencies.
At the moment, we do not know more detailed solutions that will be introduced due to the fact that work on the project of the "universal tax" has been postponed to the meeting to be held in 2019 in Japan. We will not know the final shape of the new regulations until 2020.
