The OECD will develop international standards for the taxation of cryptocurrencies

The Organization for Economic Cooperation and Development (OECD) plans to develop international standards for the taxation of cryptocurrencies by the end of next year.

Pascal Saint-Amans, Director of the OECD Center for Tax Policy, said that by the end of 2021, the organization will present common standards for tax reporting for transactions with cryptocurrencies. According to him, the tax rules will be “approximately similar” to the standards for combating tax evasion.

The majority of the OECD member countries are interested in tightening their tax policy in relation to digital assets. Saint-Amand expects that the European Commission will show interest in the standards developed by the organization, especially since they will meet the requirements of European regulators. The simultaneous development of tax rules by different countries can lead to disagreements.

It is also planned to present the standards developed by the OECD to the G20 leaders. They should help the tax authorities of various countries to determine the policy of taxation of income from cryptocurrencies in the country.