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The OECD’s Tax Director says that international cryptocurrency tax standards will be introduced in 2021

Pascal Saint-Amans, Director of the OECD Center for Tax Policy and Administration, has claimed that the 37-nation organization will introduce a Common Reporting Standard (CRS) for crypto assets in 2021.

According to Law 360, Amans stated that the tax standard for cryptocurrencies “would be roughly the same as the CRS,” developed by the Organization for Economic Co-operation and Development to fight tax evasion.

The director attributed the likely development of the crypto tax SRC to a desire to introduce stricter rules on cryptocurrency regulations. among its member countries:

“The deadline is probably the 21st, sometime the 21st, because now there is an appetite from all countries.”

The OECD’s Tax Director says that international cryptocurrency tax standards will be introduced in 2021
The OECD’s Tax Director says that international cryptocurrency tax standards will be introduced in 2021

Amans’ comments come days after the European Commission launched proceedings to amend and expand its tax evasion laws on crypto assets. The proposal was published on November 23rd and the EC will receive public comments on the initiative by December 21st. The new laws are expected to be introduced in the third quarter of 2021.

Despite the measures taken by the EC Amans expects the OECD to set crypto tax standards before Europe and describes the political arena as an “opportunity for the EU to conform to the standard.” [de la OCDE]”.

But still, Uncoordinated simultaneous development could lead the OECD and Europe to adopt certain contradicting political positions, which could pose regulatory challenges for European OECD members. as recently seen in relation to taxation of digital services.

But still, Amans denied these concerns, stating that any OECD proposal would “complement” EU rules. In an interview with Law360, an EC spokesman stated that the organization was working “in parallel” with the OECD in order to “avoid overlaps or inconsistencies as much as possible”.

“At the same time, The specific situation of the EU and its Member States must be taken into account“they added.

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