They don't as it is right now. I'm confienced that they will do that before the end of this year in order to get regulated!
If so they will report current status of your account, I don't believe they go back in time.
Depends on the type of account. But any redemptions in that year will generally be reported (aggregated).What about disclosure of information? I am not sure if CRS also reports volume of transactions per year (entry amount and exit amount). Because if not, there are always ways to get the money out near end of the year, and then get the money in again.
So the fiat is definitely reportable, but would the value of the cryptos be considered and reported too?
And since we are on that point, since USDT is a crypto, would it be considered fiat or not as it tracks the USD?
On your Response to #1, I read that if the cryptos are considered Financial Assets, and the entity which holds the cryptos are considered Custodial Institutions, the crypto holdings will be financial account and its net value will have to be reportable. any thoughts on this?1. No
2. No
That's a question with no clear answer, and we can only speak of current situation. Some countries made it clear that they consider crypto financial asset (Israel, for example), some say it's a property, but we've yet to see how exactly crypto report may look. As of today, CRS/FATCA report shoould include (other than personal informaiton)On your Response to #1, I read that if the cryptos are considered Financial Assets, and the entity which holds the cryptos are considered Custodial Institutions, the crypto holdings will be financial account and its net value will have to be reportable. any thoughts on this?
For good measure, I got to clarify with you that the crypto may not be reported if it is not considered a Financial Asset under the CRS definitions, refer to the OECD CRS Commentary, section VIII, para 23 oneards - Common Reporting Standard and related Commentaries - Organisation for Economic Co-operation and DevelopmentCommon Reporting Standard (CRS) | IB Knowledge Base
Just an example what info regular broker are send.
So, its no difference what asset you held: stock, crypto, etc.
All account balance and total summ of sales reportable.
This is a very interesting point. Any idea if there are any trading platforms out there which allows you to trade (i.e. realise) your stock by way to exchanging it for another stock? Probably not due to the difficulty in matching a 1 to 1/whole number swap (else one party will make a transaction loss). But that is such an idea to explore.That's a question with no clear answer, and we can only speak of current situation. Some countries made it clear that they consider crypto financial asset (Israel, for example), some say it's a property, but we've yet to see how exactly crypto report may look. As of today, CRS/FATCA report shoould include (other than personal informaiton)
Now, as i see it, only "the gross amount made from the sale of an asset held in the account" can be applied to crypto exchanges and only if it was crypto-to-fiat exchange. There is no mechanism to report that so and so has "1 btc, 100 eth, 500 ltc as of 31.12".
- the gross amount of interest paid on a deposit account
- the gross amount of dividends paid or credited to the account
- the gross amount of interest (including interest and dividends) paid into the account
- the gross amount made from the sale of an asset held in the account
- the account balance on the reporting date