OECD plans to issue crypto tax reporting framework in 2021

Tax • October 13, 2020, 7:25AM EDT

UPDATED: October 13, 2020, 7:28AM EDT

The Organisation for Economic Co-operation and Development (OECD), an intergovernmental organization that promotes better economic policies, is planning to issue a tax reporting framework for cryptocurrency assets by 2021.

In a report published Monday, the OECD said it is "advancing its work to design a tax reporting framework that will ensure tax transparency with respect to crypto-assets, including the income derived from the sale of such assets."

The framework could be used by countries, such as G20 member nations, looking to strengthen their crypto taxation regime, according to the 63-page report. The OECD first called for a crypto taxation framework in 2018.

The OECD is also studying technical issues and determining whether crypto wallet providers should also be included in its framework in addition to crypto exchanges. The organization is also assessing whether "beyond the reporting of sales proceeds, other income derived from crypto-assets and information on the value of the holding of crypto-assets should be reported."

The OECD said it aims to present a "comprehensive implementation package" to the G20 in 2021.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.