Taylor Swift Agree USD 100 Million Deal with FTX Before Bankruptcy
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Taylor Swift Agree USD 100 Million Deal with FTX Before Bankruptcy
Previously, the International Monetary Fund (IMF) in a recent report said anti-money laundering (AML) rules were not a panacea for dealing with tax fraudsters and criminals trying to cover their tracks with crypto.
Reporting from Decrypt, Friday (7/7/2023), this report was written by members of the IMF’s Fiscal Affairs Department, Katherine Baer, Ruud de Mooij, Shafik Hebous, and Michael Keen. This includes the disclosure of views expressed by the authors that do not necessarily reflect the views of the IMF.
From a tax perspective, the main concern of this report is that digital assets are providing a new and powerful way for criminals and the rich to transact without being detected.
The IMF acknowledges tens of billions of dollars in potential tax revenue is at stake, with no worldwide consensus on how this issue should be approached.
Crypto Tax Rules Advice
The report’s authors said it was clear they did not intend to “provide policy advice”, but also wrote the government could look to existing US laws and regulations as a guide to stop financial crime and illegal activity.
In terms of AML rules, a paper reference guide released by the Financial Action Task Force in 2015 purports to be a global standard for combating money laundering but acknowledges that not all jurisdictions fully comply with them.
The report notes centralized institutions such as exchanges are in a unique position to help authorities obtain information about ownership of digital assets, often serve as touch points where cash is exchanged for crypto, and are able to track activity beyond that.
The IMF predicts a 20 percent global capital gains tax by 2021 may have collected around USD 300 billion or the equivalent of IDR 4,553 trillion (assuming an exchange rate of IDR 15,177 per US dollar) from crypto-related transactions.
However, the authors say the Know Your Customer (KYC) procedures that help them stay compliant with anti-money laundering regulations are not enough to paint the whole picture for tax authorities.
Taylor Swift Agree USD 100 Million Deal with FTX Before Bankruptcy
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