Dinocrypto

DinoCrypto

OECD Preparing Crypto Tax Reporting Framework for World’s Largest Economies

OECD Preparing Crypto Tax Reporting Framework for World’s Largest Economies

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. 

Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Monero Leads Rally in Privacy Coins, Rising to Two-Year Highs
Blockchain Bites: Bitcoin on Ethereum – The Whos, Whats and Whys