Digital Workshop on Management of Compliance Risks Posed by Crypto-assets and Virtual Currency

Erika Szabó's picture
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On 16th December 2022, IOTA successfully carried out its last activity this year. The digital workshop showcased a very up-to-date subject on Management of Compliance Risks Posed by Crypto-assets and Virtual Currency. The event was broadcasted live from the IOTA Studio in Budapest, and brought together an exciting mix of global thought leaders from our international partner organisations (OECD,  European Commission DG TAXUD, ENFIN and ENLETS) along with representatives from IOTA member tax administrations. The purpose of the Workshop was to share experiences and identify best practices among IOTA countries regarding the use of information about crypto-assets and cryptocurrency transactions for purposes of compliance and enforcement as well as international approaches to reporting and (automatic) exchange of information on crypto-assets and virtual currencies. The digital event welcomed more than 180 attendees from 27 IOTA member countries joining online to the conference.

Digitalisation of money is rapidly changing along with the understanding of what a virtual currency is and how it operates. The workshop aimed at increasing the knowledge of managing the compliance risks of virtual currency, especially concerning the practical use of innovative technologies and performing various data analytics related to operations with crypto-assets and cryptocurrencies.

The digital workshop was very practical in nature, using selected presentations to illustrate strategies, working methods, obstacles and best practices in the approach of member tax administrations on managing compliance risks posed by crypto-assets and virtual currency.

Guest speakers from our international partner organisations set the floor for the virtual meeting, where the first representative, Paul Hondius from OECD updated workshop participants on the ‘Latest tax transparency developments – Crypto-asset reporting framework and changes to the CRS’. The EU Commission DG TAXUD Eva Kőszeghy’s presentation addressed the topic ‘Directive on administrative cooperation N°8 (DAC8)’, while the last theme of this session revolved around ‘Knowledge sharing as an asset, joined forces in Europe’ and was co-presented by Eugenie de Lange and Jacko de Kort from ENFIN and ENLETS.

The second plenary session of the day put the IOTA member countries’ experience in the spotlight where a great number of tax administrations reflected on the topic with the following presentations:

  • Sweden:Working with crypto-assets from a tax perspective in Sweden” presented by Inger Berntsson
  • France:Managing the cryto-assets compliance: the French experience” presented by Jean Tristan Gardon
  • Belgium:NFTs from a tax perspective!” presented by Kurt Caestecker
  • Ireland:Footprints of activity; the use of third party data to explore tax compliance risk in relation to cryptocurrency” presented by Nicholas Foody
  • Belgium:OSINT in cryptocurrency investigations” presented by Kristof Vanderhasselt

Workshop participants could raise questions during the Q&A at the end of each session. In addition, they were actively involved in virtual group discussion and a panel debate during the digital event. All the materials and presentations are already available for registered IOTA website users on the event’s webpage while the recording of the event will be provided soon.