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Ugly stuff.. CRS turns banks into police puppets, forces them to collect too much info, makes it very hard to open bank account anywhere you like (even if you just like their online banking, API access and low fees). Gotta withdraw money from that shithole by the timeLooks like notes said they volunteered to join CRS which is smart move. 2023 is a good way off. This is good news for Georgia and they have given plenty of time for those hiding to regularize their tax affairs
However bad news for those who still believe non-CRS countries are the way to go.....lol.
That is like cancer of humanity
crypto might be on the radar yeah, a lot easier to track. although its going to be cool to be making crypto money in a jurisdiction that wouldnt adopt these regulations yet
All these non CRS solutions are going to fall one by one unfortunately as countries after countries are being blackmailed or bribed to join this OECD agenda to control their citizens the world over with the starting of FATCA. US is the only tax haven so far left for non US persons something US designed and drafted in 2010 when Obama signed the law. It was to protect its own interests as well as help OECD to design this law and implement this law the world over while controlling its own US citizens. US citizens get the door slammed shut by certain banks, brokerages and even shut of investments and foreign partnerships even while living in other countries. A non US partner, spouse can't have joint accounts with a US person period unless they report its income, balance to IRS and pay tax on US person's interests. Trust me divorces have happened due to it. Best solution these days is to move to a tax haven yourself.
This might be true for privacy focused coins, but not for crypto in general. Crypto is here to stay and banks will have to join or lose to competitors who are faster at adopting crypto related services to its clients.
