“Today’s announcement of co‑ordinated international action on cryptoassets is a major step forward, marking another important milestone towards the widespread and co-ordinated approach to combat tax evasion through greater transparency and exchange of information,” Secretary-General Cormann said.

“We strongly welcome the extensive support being shown for quick action to make the international exchange of information collected under the OECD standard on cryptoasset reporting a reality. The international community can count on the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes to ensure that the tax transparency architecture remains both up-to-date and effective going forward.”

The Crypto-Asset Reporting Framework (CARF) is a key component of the International Standards for Automatic Exchange of Information in Tax Matters developed by the OECD under a G20 mandate. It provides for the automatic exchange of tax-relevant information on cryptoassets and comes against the backdrop of a rapid adoption of the use of cryptoassets for a wide range of investment and financial uses.

The Authority is capturing the views of stakeholders to strengthen its understanding of emerging risks, new opportunities and challenges resulting from innovation, such as cryptocurrencies, crypto exchanges and initial coin offerings.

The Authority highlighted the issue after dealing with a number of contraventions of the Designated Businesses (Registration and Oversight) Act 2015.

The legislation covers a range of non-financial businesses and professions, including crypto companies.

The regulator said that it takes a technology neutral approach, looking at the "substance" of the activity in question, rather than "the form". As such, certain activities related to tokens are already captured by existing regulatory framework.

 The guidance said:

"In the Isle of Man, any person carrying on regulated activity, or any business which requires registration under the Designated Business (Registration and Oversight) Act 2015 must comply with the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019."

 The guidance covers:

• Security tokens.
• E-money tokens.
• Unregulated token activities and anti-money laundering/combating the financing of terrorism requirements.