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MainNewsSouth Africa...

South Africa Becomes the Sole African Nation to Adopt Crypto-Asset Reporting Framework


Nov, 18, 2023
2 min read
by Bitcoin News
South Africa Becomes the Sole African Nation to Adopt Crypto-Asset Reporting Framework

South Africa is the only African country to join the group of countries that have agreed to implement the Crypto-Asset Reporting Framework. According to the South African Revenue Collector, the reporting framework is expected to improve its “ability to ensure tax compliance and clamp down on tax evasion.”

Tax Transparency Standard

South Africa has joined more than 40 other countries and jurisdictions in agreeing to implement the so-called Crypto-Asset Reporting Framework (CARF), a statement issued by the country’s tax collector has said. Developed by the Organisation for Economic Co-operation and Development (OECD), the CARF is a tax transparency standard whose agreement was reached in March 2023.

According to a joint statement unveiled by His Majesty’s (HM) Treasury on Nov. 10, the agreement provides a basis for the “automatic exchange of information between tax authorities on crypto exchanges.” The goal of such an exchange is to combat offshore tax avoidance and evasion. The agreement also commits the 40-plus countries and jurisdictions to the simultaneous implementation of amendments to the Common Reporting Standard (CRS).

Meanwhile, in a statement explaining why South Africa has agreed to implement the CARF, the South African Revenue Service (SARS) argued that this is the only way the African country can keep up with developments.

“To keep pace with the rapid development and growth of the crypto-asset market and to ensure that recent gains in global tax transparency will not be gradually eroded, we welcome the new international standard on automatic exchange of information between tax authorities developed by the OECD – the Crypto-Asset Reporting Framework (CARF),” the revenue collector explained.

Combatting Crypto Tax Evasion

The revenue collector also argued that when widely and consistently implemented, the crypto reporting framework will improve its “ability to ensure tax compliance and clamp down on tax evasion.”

The SARS press statement revealed that the revenue collector is planning on “transposing the CARF into domestic law” by 2027. However, any such switch to CARF will be subject to national legislative procedures, the statement added.

So far, South Africa is the only African country that is party to the agreement while China and Russia are some of the notable omissions from the list of countries unveiled by the HM Treasury.

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Read the article at Bitcoin News
MainNewsUN and ABBA ...

UN and ABBA Launch CLIP to Protect Artists’ Intellectual Rights Amid AI Era


Nov, 18, 2023
4 min read
by CryptoPolitan
UN and ABBA Launch CLIP to Protect Artists’ Intellectual Rights Amid AI Era

The United Nations, in collaboration with ABBA songwriter Bjorn Ulvaeus, has unveiled a groundbreaking online platform known as “CLIP” (Creators Learn Intellectual Property). This platform aims to empower artists by providing them with the knowledge and tools to protect their intellectual property rights, especially in the face of growing challenges posed by artificial intelligence (AI) in the music industry.

Empowering artists in the digital age

As the consumption of online content continues to surge, artists are confronted with the need to safeguard their creative works and ensure they receive the recognition and compensation they deserve. CLIP seeks to address this pressing issue by offering valuable guidance to creators navigating the complexities of the creative industries.

Bjorn Ulvaeus, the renowned songwriter responsible for co-writing numerous chart-topping hits with the iconic Swedish pop group ABBA, expressed his enthusiasm for CLIP. He emphasized the platform’s role in helping creators unlock the full value of their content and comprehend the intricacies of intellectual property rights.

CLIP: A vital resource for artists

CLIP is a free-to-use online resource designed to educate artists about the steps they can take to secure proper credit and compensation for their artistic endeavors, particularly as digital content consumption becomes increasingly prevalent.

The initiative to create CLIP was a joint effort between the United Nations’ World Intellectual Property Organization (WIPO) and Bjorn Ulvaeus, who not only achieved global acclaim through his work with ABBA but also co-founded the Music Rights Awareness Foundation.

Navigating the complex music industry

Bjorn Ulvaeus highlighted the ever-growing complexity of the music industry, stressing the importance of education and awareness for new songwriters. He underlined the necessity of understanding one’s rights and the essential steps for registering original compositions, emphasizing that this knowledge is fundamental to sustaining a successful music career.

“Songwriting takes a lot of work and time,” Ulvaeus noted. “To become a skilled craftsman, even if you possess talent, you need to be compensated for your efforts, and that requires a deep understanding of your rights.”

The ease of streaming services has indeed helped combat piracy, but it also raises the challenge of ensuring that musicians receive their due compensation. Without proper registration, streaming platforms may struggle to identify the rightful recipients of royalties.

The AI threat to the music industry

While ABBA remains one of the best-selling recording artists of all time, Bjorn Ulvaeus pointed out the looming threat posed by artificial intelligence to the music industry. AI introduces new possibilities and challenges for songwriters, with the potential for the market to be flooded with AI-generated songs based on existing works.

Ulvaeus urged the need to distinguish between human creativity and AI-generated content, emphasizing that the music industry must find solutions to fairly compensate those whose catalogs serve as the foundation for AI models.

He provided an example of AI generating an ABBA-style love ballad performed by Frank Sinatra and accompanied by a symphony orchestra, highlighting the difficulty in tracing the origin of such influences.

CLIP’s focus on the music industry

The initial iteration of CLIP concentrates on the music industry, offering users insights into the various stakeholders involved in bringing a song to market and helping them grasp the rights of music creators.

Daren Tang, the Director-General of WIPO, emphasized the significance of supporting creators in their pursuit of transforming artistic passion into a sustainable profession. He highlighted that creators contribute their talent and artistic vision to enrich our lives with music, art, song, and dance.

The legacy of ABBA and the role of songwriters

ABBA, comprised of members Bjorn Ulvaeus, Benny Andersson, Anni-Frid Lyngstad, and Agnetha Faltskog, achieved global stardom after winning the 1974 Eurovision Song Contest with their hit “Waterloo.” The group went on to produce a string of monumental hits before temporarily disbanding in 1982, following the release of their album “The Visitors.” However, they made a triumphant return with the release of their 2021 album, “Voyage.”

Bjorn Ulvaeus emphasized the essential role of songwriters in the music industry, stating that they are often overlooked in favor of performing artists. He passionately asserted that songwriters and creators should be at the heart of the industry because “it all begins with a song.”

In an era where AI presents both opportunities and challenges to the music industry, CLIP emerges as a crucial resource to empower artists and ensure that their creative contributions are recognized and rewarded, ultimately preserving the integrity of the music industry in the face of evolving technologies.

Read the article at CryptoPolitan

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