OECD Preparing Crypto Tax Reporting Framework for World's Largest Economies
The tax framework may address questions surrounding wallet providers and income not derived from crypto sales.
Oct 12, 2020 at 4:38 p.m. UTCUpdated Aug 19, 2021 at 4:55 a.m. UTC
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The Organisation for Economic Co-operation and Development (OECD) said Monday it plans to pitch leaders of the world’s largest economies on a framework for cryptocurrency tax reporting in 2021.
- The guidelines will offer tax authorities guardrails for clarifying their local treatment of cryptocurrencies while also accounting for "international [exchanges]," OECD said.
- Thus, the framework will "reflect" crypto's "dynamic and highly mobile nature," OECD said.
- It will address technical issues, too. OECD said questions surrounding wallet providers, as well as crypto income not derived from sales (staking rewards, perhaps) may feature in the report.
- The OECD said it plans for G20 members to review the framework in 2021.
- The OECD first called for international agreement on cryptocurrency taxation in 2018.
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