Last month, the Organization for Economic Cooperation and Development (OECD) suggested to the policymakers around the world to come up with a uniform crypto tax regulation. It implied that regulators worldwide should now start issuing a more precise and regular guidance for digital assets. Furthermore, the OECD recommends for said regulators to develop and eventually adopt a specific tax law that spans globally.
Fast forward to this November; it’s as if the regulators have listened, and we might just get that according to the OECD.
The OECD’s Centre for Tax Policy and Administration’s current director, Pascal Saint-Amans, noted that a multi-nation organization is set to introduce a particular common reporting standard (CRS) dedicated to cryptos as early as next year. Amans added that this tax standard would somewhat mirror the anti-tax evasion CRS developed by the OECD itself. Notably, this organization consists of 37 nations working on a common goal, setting a uniform crypto tax policy.
This particular development came almost right after the European Commission announced its plans to extend and amend the tax evasion laws pertaining to crypto assets. The commission then noted that the new crypto laws are expected to be implemented in the third quarter of next year.
Amans reaffirms that the OECD plans to establish a uniform crypto tax standard in Europe before its government itself. He believes that this may be an excellent opportunity to integrate the European Union to the global crypto tax standards that the organization is currently working on. However, it is also worth noting that simultaneous development could lead to the OECD and Europe to bang heads with each other – as some policies one organization introduces can directly contradict the other, leading to further complications. With that being said, Amans is seemingly confident that such concerns would not happen. He asserts that every proposal submitted by the OECD would complement the regulations set by Europe.
If all things go according to their way, we may indeed see a global tax regulation very soon.