According to TechFlow, the Organization for Economic Cooperation and Development (OECD) has launched a new cryptocurrency tax standard and made a series of revisions to the existing common reporting standards, aiming to reduce tax evasion using cryptocurrencies.

The OECD hopes to reduce tax evasion using cryptocurrencies by setting new standards. The new rules also make changes to the Common Reporting Standard (CRS), which aims to increase tax transparency on overseas financial accounts.