The European Commission has set out to oblige platforms processing crypto transactions for EU residents to share information with tax authorities in the Union. According to the proposal, all crypto service providers, regardless of where they are based, will have to abide by the new rules.
EU to Consider New Reporting Requirements for Crypto Platforms Serving European Users
The executive power in Brussels intends to push through new “tax transparency rules” for the crypto industry. The proposal announced on Thursday concerns all service providers facilitating transactions in crypto assets for customers residing in the EU, not only those that are based there.
At the moment, tax authorities in the bloc lack the information needed to monitor proceeds obtained by using cryptocurrencies, the European Commission (EC) insisted. They are limited in their ability to ensure levies are paid effectively while Europeans lose tax revenues, it stated.
The new regulations, meant to complement the
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