G20 Countries Call For Action on Cryptocurrency Tax and Regulation
During the G20 summit held in Buenos Aires from November 30 to December 1, G20 countries called for collaboration on the international cryptocurrency taxation system.
According to a report by Japanese news aggregator Jiji.com, G20 member nations have adopted a declaration to collaborate and seek solutions for international taxation issues surrounding the digital economy.
These issues will be considered in 2019 when Japan begins its year-long G20 presidency, in the hope of finalizing a report by the year 2020.
As Jiji.com put it, a government taxing a foreign firm that has no physical presence within that government’s territory goes against international laws. Yet signs have shown that such loopholes are being used to evade tax.
This year, the official declaration signed by all nations at the G20 Summit called for the development of an international taxation system for cross-border electronic payment services. G20 nations also agreed to regulate crypto assets for anti-money laundering (AML) in line with the Financial Action Task Force (FATF) rules.
According to a report by Cointelegraph, back in July, “France’s finance minister Bruno Le Maire also called on the G20 to have a public debate about cryptocurrencies at the summit.”
India has taken the lead in pushing forward crypto regulation. “India on Friday presented a nine-point agenda to G20 countries, calling for strong and active cooperation among them to comprehensively deal with fugitive economic offenders,” The Hans India reported on December 2, 2018. These fugitive economic offenders, as the report put it, include the dominant currency Bitcoin and other crypto assets.