The Organisation for Economic Cooperation and Development, or OECD, has suggested additional requirements on reporting crypto transactions and identifying users aimed at increasing transparency for global tax authorities.
In a public consultation document released on Tuesday, the OECD opened for public comment a proposal that would require crypto service providers to better identify users and report on certain transactions. The organization said that under current reporting requirements, tax authorities do not have “adequate visibility” for transactions dealing with crypto assets. According to the OECD, the crypto market posed a “significant risk” around tax transparency, claiming that any gains will eventually be lost without additional safeguards.
The proposal suggested individuals and businesses already dealing in crypto services — including exchanges, retail transactions and transferring tokens — have 12 months from the effective date of the rules to comply with the reporting requirements. Members of the public were asked to weigh in on which crypto assets would be covered under the proposal — including nonfungible tokens — as well as on tax reporting rules and “due diligence” procedures related to collecting information from those engaging in crypto transactions for both hot and cold wallets.
“Unlike traditional financial products, crypto-assets can be transferred and held without the intervention of traditional financial intermediaries and without any central administrator having full visibility on either the transactions carried out, or crypto-asset holdings,” said a summary of the report. “Therefore, crypto-assets could be exploited to undermine existing international tax transparency initiatives.”
Katie Haun, crypto investor and board member for Coinbase and OpenSea announced that she had raised $1.5 billion for her new fund, Haun Ventures.
On Tuesday, March 22, Haun posted an article on Twitter, briefly introducing the firm and sharing that the funds would be used to invest in Web3 projects.
Introducing @HaunVentures, a firm built for the next generation of the internet. We’ve raised $1.5 billion across two funds to invest in web3. An exciting first step, but the real work begins now. https://t.co/tBeE4OEJkD March 22, 2022
The firm will invest through two funds, a $500 million early-stage fund, and a $1 billion acceleration fund. The two funds represent the largest debut on record for investment vehicles led by a female General Partner, according to data from PitchBook.
Haun stated that the firm will invest in “every layer of the web3 tech stack”, and seeks to back projects in both their early and growth stages, adding that the firm aims to have the projects it supports reach over 1 billion people.
The firm is also interested in shaping public opinion and government policy regarding web3 projects and crypto.
“We will partner with our portfolio to lead a global campaign for web3 that combats misperceptions, engages policymakers, highlights positive use cases, and wins the hearts and minds of leaders across all sectors.”
Multinational software and microchip giant Qualcomm Incorporated has launched a $100 million Metaverse fund to back extended reality (XR), artificial intelligence (AI), and augmented reality (AR) tech companies.
Extended reality, or XR, refers to the combination of smartphones along with AR and VR technology such as headsets and glasses. The investment project is dubbed the “SnapDragon Metaverse Fund” in reference to the firm’s Snapdragon chips that are designed for a long list of devices including smartphones, tablets, computers, smartwatches, and smartbooks.
According to a March 21 announcement, the funding will also go towards a grant program for developers building XR-focused gaming, health, wellness, media, and entertainment experiences.
“Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes as they push the boundaries of what’s possible as we enter into this new generation of spatial computing,” said president and CEO of Qualcomm Incorporated, Cristiano Amon.
The firm stated that it is aiming to be the “ticket to the metaverse” via its 5G, AI, and XR technologies which it describes as being critical to the Metaverse. While Qualcomm’s website also indicates that it is aiming to combine a smartphone, VR headset, and AR glasses into a single XR device in the future.
“XR could replace all the other screens in your life, like that big TV in your living room. Mobile XR has the potential to become one of the world’s most ubiquitous and disruptive computing platforms—similar to the smartphone today.”
The firm also teased that recipients of the grants will gain “early access to cutting-edge XR platform technology, hardware kits, a global network of investors, and co-marketing and promotion opportunities.”
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