Pascal Saint-Amand, director of the OECD Center for Tax Policy and Administration, claims the 37-nation organization will unveil a common reporting standard, or CRS, for cryptocurrencies in 2021.

According to Law 360, Amans said the cryptocurrency standard would be “roughly equivalent to CRS” that the Organization for Economic Cooperation and Development developed to combat tax evasion.

The director explained the potential development of the CRS crypto tax system by wanting to introduce stricter standards for coding regulations in member countries:

“Probably the delivery time is 21 years, once every 21 years, because now there is an appetite in all countries.”
Hamann’s comments came a few days after the European Commission launched a process to amend and expand cryptocurrency tax evasion laws. The proposal was posted on November 23, and public comments on the committee’s initiative were received by December 21. The new laws are expected to be approved in the third quarter of 2021.

Despite the Commission’s measures, Amans expects the OECD to set standards for cryptocurrencies ahead of Europe, describing the political arena as “an opportunity for the European Union to adapt to [the Organization for Economic Cooperation and Development] standard.”

However, concurrent, uncoordinated developments could lead to certain conflicting policy positions between the OECD and Europe – and could pose regulatory challenges for European members of the OECD, as seen recently with regard to taxation of digital services.

Amans dismissed these concerns, arguing that any proposal from the Organization for Economic Cooperation and Development “complements” EU rules. In his letter to Law360, the representative of the European Commission suggested that the organization work “in parallel” with the OECD “to avoid duplications or contradictions as much as possible”.

“At the same time, it is necessary to take into account the special situation of the European Union and its member states,” they added.

Source: CoinTelegraph