GDF Tax Working Group

Led by Lisa Zarlenga, Steptoe & Johnson LLP, and Krystle Gan, Axiom

In July 2020, the Tax Working Group published a working paper on the Tax Treatment of Cryptoassets, the industry’s first comprehensive review of the tax issues facing digital assets Rather than engaging in a country-bycountry analysis of tax laws, the paper looked novel issues specific to the industry from the classifications of types of cryptoassets for tax purposes, to the appropriate taxing jurisdictions for cross-border transactions, and the challenges in calculating tax liability.

Since the working paper’s publication, it has been shared and discussed with various tax regulators as well as with the OECD. In addition, the Tax Working Group authored a summary and analysis of the OECD’s overview of tax treatments of virtual currencies. In November, Lisa Zarlenga, co-chair of the group, presented on a panel at the OECD Global Blockchain Policy Forum entitled Crypto-Tax: Ensure a Robust and Transparent Tax Policy Framework.

The group has been considering what tax issues are of interest to the wider GDF community, so as to best focus its efforts moving forward. The group plans to further utilize its current engagement with tax regulators, intergovernmental organizations, and industry participants to engage in a dialog regarding key tax issues.

The GDF Tax Working Group is looking for your input on the future development of tax frameworks, engagement with policy makers, and the classification of digital assets across jurisdictions.

Fill out the survey here: https://globaldigitalfinance.typeform.com/to/w03WSsGU