OECD to develop international tax standards for cryptocurrencies

The organization for economic cooperation and development (OECD) expects to develop a common standard for exchanging tax information for crypto assets (CRS) by the end of 2021. This was stated by the Director of the OECD tax center Pascal Saint-Amans, writes Law360.

According to the official, the standard will be similar to what is used in the traditional economy to combat tax evasion. He added that all 37 OECD member countries are interested in the “cryptocurrency” CRS.

Saint-Amans made his statement after the European Commission launched amending and expanding tax evasion laws for transactions with crypto assets on November 23. Public discussion of the bill will end on December 21, and its entry into force is expected in the third quarter of 2021.

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