Pascal Saint-Amans, the director of the OECD's Centre for Tax Policy and Administration, has asserted that the 37-nation organization will introduce a common reporting standard, or CRS, for crypto avails in 2021.

Co-ordinate to Law360, Amans stated that the crypto tax standard "would be roughly equivalent to the CRS" developed by the Organization for Economic Co-operation and Development to combat tax evasion.

The director attributed the likely development of the crypto taxation CRS to a desire to introduce stronger standards surrounding crypto regulations amid its member-countries:

"The timeline to deliver is probably '21, erstwhile in '21, because there is an appetite by all countries at present."

Amans' comments come up days subsequently the European Commission launched a process to amend and extend its tax evasion laws pertinent to crypto assets. The proposal was published on Nov. 23, with the commission gear up to receive public feedback on the initiative until Dec. 21. The new laws are expected to be introduced during the tertiary quarter of 2021.

Despite the action taken by the committee, Amans expects that the OECD will establish crypto taxation standards before Europe, describing the policy arena equally an "opportunity for the EU to align with [the OECD's] standard."

Withal, uncoordinated simultaneous evolution could issue in the OECD and Europe establishing particular policy positions that contradict each other — threatening to create regulatory challenges for the OECD'due south European members, as has been recently seen concerning the taxation of digital services.

Amans dismissed these concerns, even so, asserting that any proposal from the OECD would exist "complementary" to EU regulations. Speaking to Law360, a European Commissi spokesperson indicated the system is working "in parallel" with the OECD to "avoid overlaps or inconsistencies to the extent possible."

"At the same time the specific situation of the European union and its member states needs to exist taken into account," they added.