Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
Visa CEO Al Kelly has reconfirmed that the payments platform is still committed to offering cryptocurrency payments and onramps for customers in the Visa first-quarter earnings call earlier in the week.
Kelly’s comments were evidence that the payments service provider has its eyes on the crypto prize for the long-term future. Not only is the firm still committed to remain a player in the sector, but it believes that it is in the right position to encourage users to the industry and pursue the wider adoption use-case of the market. As Kelly said, according a transcript:
“We believe that we are uniquely positioned to help make cryptocurrencies more safe, useful and applicable for payments,” by virtue of Visa’s size, integrations, and brand recognition.”
Kelly divided the way Visa is classifying blockchain assets:
To offer support for the first category store-of-value tokens, Kelly noted that Visa’s aim is to offer on-ramp services so that customers can purchase and hold the tokens:
“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally.”
On the other side of the coin, Visa’s approach to the future of the stablecoins stands as optimistic, with the firms suggesting that the potential for digital currencies offers a lot more use-case. According to Visa, cryptocurrencies are an “emerging payments innovation that could have the potential to be used for global commerce, much like any other fiat currency.”
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
Since the well-anticipated spot Bitcoin ETF event is over, some industry experts have turned to warning signals for the the road ahead.
Bitwise revealed that in the month after past BTC halving price saw a little movement but in the following year it saw significant gains.
The Blockchain for Good Alliance alliance is joined by numerous organisations including Bybit Web3, Solana Foundation, Moledao and others.