Crypto assets are currently an investment product which is subject to no or light tax transparency obligations. With the introduction of DAC8 which incorporates into EU laws the OECD Crypto-Asset Reporting Framework ("CARF"), crypto-asset service providers will be subject to obligations in terms of client on-boarding, monitoring and reporting. While CARF is built extensively on CRS reporting model, it contains several deviations from those principles and notably in terms of reporting which will be a transactional reporting under CARF.
It is thus important for new Financial Institutions (FIs) to have a strong governance in place around CARF (and other tax transparency regulations such as CRS, FATCA, DAC 6 etc.) and to carefully review their operating model to ensure that any potential compliance gaps are identified and corrected before the entry into force of the Directive in January 2026.
As part of this course, PwC's Academy offers to highlight the participants' company's requirements regarding this topic and to address, in a comprehensive and practical way, the questions professionals are confronted with in the light of their mandatory professional duties and the 'progressive' evolution of CRS regulations.
Thanks to the strong expertise in the financial sector and the professional experience of our lead experts, our courses can help FIs improve their CRS knowledge according to the best practices.
This module is part of our Automatic Exchange Of Information (AEOI) training curriculum.
Duration: 2h
Language: Available in English and French. The supporting material is only available in English.
Number of participants: up to 15
Available as intra-company course (i.e. dedicated session on demand)
Objectives
By the end of this training, participants will be able to:
- identify the impacts of the new regulatory requirements on their organisation;
- review their operating model;
- inform their clients regarding how CARF will impact them;
- create their CARF procedure and control framework in line with the new requirements and market practice;
- understand the interactions with other tax regulatory requirements.
Content
- Key concepts around CRS
- Explanations on the changes brought by DAC8 in the current CRS reporting obligations
- Deep dive on the CRS governance requirements in Luxembourg law
- Overview of the recent regulatory updates at Luxembourg, European and international levels
- Return of experience from recent tax authorities controls
- Explanations of the interactions with other tax regulations
Target audience
Operations, compliance and/or tax functions from banks and other crypto asset service providers
Our lead experts
This training will be coordinated by Pierre Kirsch and Camille Perez, Partners at PwC Luxembourg.
Pierre is an authorised manager of the PFS Tax Information Reporting department, overseeing all services related to tax transparency and automatic exchange of information.
With over 27 years of experience in the private banking and asset management industries in Luxembourg, Pierre has developed a profound understanding of their internal processes.
He has conducted various tax transparency analyses of the private and corporate client base of several major financial institutions in Luxembourg and abroad. The primary objectives of these analyses were to assess the level of risk posed by non-tax compliant clients and to formulate appropriate and measurable action plans.
Camille is part of the financial services tax practice. During his professional career in France and Luxembourg, he has worked on tax consulting and compliance projects for banking, asset management and private equity clients for more than 15 years, getting a deep technical knowledge of the financial sector.
He is a core member of PwC Luxembourg’s tax transparency expert team (including Directive on Administrative Cooperation (“DAC”) version 1 to 8, AML tax, FATCA and QI) and has gained an extensive expertise in this field that he follows since 2011. He regularly facilitates tax transparency workshops (including on DAC6), for clients and more generally advises financial industry clients on how to comply with those EU/US tax related directives.
