All crypto service providers will be subject to the reporting obligations.
The proposal will be presented to the EU Council for review.
Countries across the globe are stepping up regulations due to recent events that have unfolded in the crypto market. New “tax transparency rules” for the cryptocurrency sector are on the agenda of Brussels’ executive authority. Not only EU-based service providers. But any service providers that facilitate transactions in crypto assets for EU consumers are affected by the plan presented on Thursday.
European Commission (EC) officials have stressed that tax authorities in the union currently lack the data necessary to monitor revenues acquired through cryptocurrency. While tax revenues in Europe are declining, they can do nothing to assure that taxes are paid in full.
Mandatory Reporting Obligations
The Commission elaborated that the new regulations are meant to supplement the Markets in Crypto-assets (MiCA) legislation. And the anti-money launderi
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