Cryptoasset regulation developments

Cryptoassets and regulation to many would seem like water and oil. However many countries and in the case of the EU groups of countries are now racing to get their regulations in place. As such a patchwork quilt of regulation looks to be being developed.

With effect from June 2023 the EU’s Markets in Cryptoassets Regulation (MiCA) has been in play. MiCA sets out a number of requirements for issuers of cryptoassets service providers and trading venues operating in the EU.

In addition the Organisation for Economic Co-operation and Development has published its final version of its cryptoasset reporting framework (CARF) which provides for the reporting of information on transactions in cryptoassets in a standardised manner. This is with a view to automatically exchanging such information with the jurisdictions of residence of taxpayers on an annual basis. In...