This provision will be incorporated into legislation in accordance with the new rules on the automatic exchange of financial account information.
As a reminder, these rules were approved in early July and apply to companies engaged in the issuance of digital currencies. More specifically, they concern the companies’ obligations to submit information on financial accounts to the State Tax Service within the framework of the Multilateral Agreement among Competent Authorities on the Automatic Exchange of Financial Account Information.
Specifically, the Law on Payment Services and Electronic Currency will be amended to include a provision similar to that provided for in the Law on Banking Activities.
The need to include this provision in the legislation stems from changes made to the OECD’s Common Reporting Standard, under which organizations issuing electronic money have also been included in the category of financial institutions required to report.
With the new provisions taking effect on January 1, 2027, the categories of information to be exchanged between competent authorities will be expanded to cover both account holders and the accounts themselves. If the account is a joint account, the number of account holders, the account type, and information on whether the account is new or pre-existing, among other details, will be reported.
