Crypto-assets and buying works

Above €1,000, the operator identifies the client and checks the origin of the crypto-assets: originating wallet, history of movements, link with known services. They refuse payments from wallets associated with illicit activities or from anonymisation platforms.

They also assess the consistency between the client's profile and the amount of funds. A student who pays for an €80,000 painting in crypto-assets without justifying their resources calls for explanations.

The value of a crypto-asset varies sharply from hour to hour. The sale price is therefore expressed in a reference currency, converted at the rate on the day of payment. The operator keeps proof of the rate used.

The taxation of capital gains on crypto-assets is a matter for each State. The operator does not have to manage it on behalf of its client, but must declare the sale and, depending on the State, the financial movements that go with it.

The regulation of crypto-assets is changing fast, notably as a result of national financial rules. OIMAP follows these developments and proposes updates to its guides. A draft of joint guidelines with the financial supervisory authorities of Member States is under study.

The aim is to prevent the art market from being both over-regulated by several texts and under-controlled for lack of coordination. Operators are consulted so that the rules are workable.