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New Worldwide Tax Standard Includes Cryptocurrencies and CBDCs

The crypto industry is getting its very own tax framework. The Organization for Economic Cooperation and Development (OECD) has rolled out a new tax standard for cryptocurrencies along with a set of amendments to the already existing common reporting standard. The OECD is an international organization aimed at creating standards for issues such as climate change, taxation, education, and jobs. A framework for exchanging tax information among countries already exists, but the Crypto-Asset Reporting Framework (CARF) is aimed specifically at cryptocurrencies. The new set of rules also makes changes to the Common Reporting Standard (CRS).

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