The public consultations, available here and here (in Italian only), will be open until 22 March 2024.

See also: Crypto news: Italy launches two public consultations on draft decrees on MICAR and TFR

“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 analysis is used to provide preliminary policy considerations from a financial stability perspective.

The paper highlights the importance of "establishing a clear perimeter for financial regulation and of developing global rules to address financial stability risks in the areas covered by financial regulation in accordance with the 'same risk, same regulatory outcome' principle". 

The statement tells audit firms and statutory auditors to conduct, in compliance with the requirements of the standard on internal quality control (ISQC Italia 1), an "appropriate risk assessment before accepting an engagement with a new client and when deciding whether to continue an existing audit engagement, or other assurance engagements and related services, relating to companies - including their subsidiaries and parent companies - that manage exchange platforms and/or perform activities concerning issuance, brokerage, lending or deposit of cryptoassets and/or provide other services in this sector." 

CONSOB said that given the high money laundering risk associated with activities and services involving cryptoassets, audit firms and statutory auditors should "pay particular attention to the assessment of the money laundering risk which is inherent to audit, assurance and related services engagementsn with clients operating in this sector".

In case of high money laundering risk, audit firms and statutory auditors "must apply enhanced due diligence measures, performing, both at the time of the engagement acceptance and during the provision of services, more in-depth, accurate and/or frequent controls, including accounting tests, in order to detect any suspicious money laundering activities."