The Organisation for Economic Cooperation and Development (OECD) has released a new global tax reporting framework for crypto assets.

The new framework proposes an automatic exchange of information between countries, mandatory customer identification along with rules for exchanges, brokers and other operators facilitating trade in crypto assets.

The G20 is set to review the global tax framework for cryptocurrencies in a meeting this week.

The Indian government has also been calling for global cooperation to regulate crypto assets. Infact, India has imposed a 30 percent tax on income from virtual assets along with a one percent TDS on every transaction. However, it is yet to frame further regulations.

Ramesh Bafna, CFO of CoinSwitch, welcomed the framework and told CNBC-TV18 that the framework will act as a base from which to build on going forward.

“The OECD framework is a fantastic move, it is a very comprehensive report and this will set the base for lot of work to happen on top of it. This is a good framework and I think the implementation committee will have a meeting to see how this progresses further,” Bafna said.

Amit Singhania, Partner at Shardul Amarchand Mangaldas, said, “In today’s world you cannot be unregulated. The more regulated you are, the more confidence it will impose to the government of various jurisdictions. So this OECD crypto framework is the first step in that direction.”

Watch video for entire discussion.