Crypto Industry Battles to Exempt NFTs, DeFi From Tax Reporting Rules

More instability in crypto world 

Crypto Industry Battles to Exempt NFTs, DeFi From Tax Reporting Rules.  The OECD is trying to introduce new rules to stop crypto being used to stash assets out of sight of the taxman.  

By Jack Schickler in Coindesk 

Crypto industry representatives pushed back at attempts to make them report details of NFTs, decentralized finance (DeFi) transactions and retail payments to tax authorities at a meeting of the Organization for Economic Co-operation and Development (OECD) in Paris on Monday.

Under existing rules, known as the Common Reporting Standard (CRS) – whose U.S. equivalent is the Foreign Account Tax Compliance Act (FATCA) – banks are required to identify any account holders who are tax residents abroad and send their details to the appropriate authorities to make sure they aren’t evading tax.  ...'

But the industry has argued these requirements are a lot harder to meet for NFTs whose price – unlike, say, stocks or gold – isn’t known at any given time. They also point out that similar non-digital assets such as paintings aren’t included in existing rules ....  '