The director of the OECD’s Centre for Tax Policy and Administration, Pascal Saint-Amans, has revealed that the 37-nation organization will introduce a common reporting standard, or CRS, for crypto assets in 2021. According to the Law360 report, Amans stated that the crypto tax standard “would be roughly equivalent to the CRS” developed by the Organisation for Economic Co-operation and Development to combat tax evasion.
“There is an appetite by all countries now.”
The OECD tax director attributed the likely development of the crypto tax CRS to a desire to introduce more robust standards surrounding crypto regulations among its member-countries. He stated, “the timeline to deliver is probably ’21, sometime in ’21, because there is an appetite by all countries now.” The tax director’s comments over crypto tax standards come days after the European Commission launched a process to amend and extend its tax evasion laws pertinent to cryptocurrency. The proposal was published this month, with the EC set to receive public feedback on the initiative until Dec. 21. The new tax regulations are expected to be introduced during the third quarter of 2021.
China’s president urges G20 leaders to set global standards for CBDCs.
As reported earlier, Chinese President Xi Jinping has called on G20 leaders to set up the groundwork for central bank digital currencies adoption by developing standards and principles. The president believes this will allow these countries to handle the risks and challenges that come with the adoption of CBDCs. China’s president was speaking during the 15th meeting of the G20 countries held in Riyadh, Saudi Arabia. He told the summit that the G20 has a crucial role in the post-pandemic rebuild, suggesting several measures he believes can help achieve this.