European Lawmakers 90% In Favor Of Stringent Crypto Tax Framework

2023-9-14 02:51

European Parliament lawmakers strongly supported a continent-wide tax-reporting rule for crypto transactions, with approximately 90% of voters showing their approval.

While the majority of attendees in the room were in favor, 535 individuals voted in support and 57 opposed. There were 60 abstentions concerning the crypto tax rule scheduled for implementation in 2026.

European Crypto Tax Rules Aim to Counteract Fraud

During a plenary session on September 13 in Strasbourg, France, European lawmakers widely supported the imposition of stricter tax reporting obligations on crypto exchanges.

The rules aim to assist tax authorities across Europe in monitoring crypto-asset trading and income, reducing the chances of tax fraud.

The European Commission initially proposed the framework in December 2022. If implemented, it will enforce a system for crypto-asset service providers to report transactions made by their European clients. 

The recent plenary session marked a significant milestone for the framework’s progress, being the third major discussion. The Commission established its general approach to the proposal at the May meeting of the Economic and Financial Affairs Council.

Read more: Cryptocurrency Trading Courses Tailored for Beginners

Europe Continues to Work on Regulating Crypto

To establish the crypto tax framework, the Commission plans to modify the Directive on Administrative Cooperation (DAC).

The DAC serves as the primary platform for tax authorities to exchange data. Additionally, the proposal includes various minor adjustments to enhance the current sharing of tax-related information.

This coincides with the European Union’s ongoing discussions regarding the regulation of crypto assets.

Following a strong endorsement of crypto regulations within the European Union, EU finance ministers approved the Markets in Crypto-Assets (MiCA) legislation on May 16.

Markets in Crypto-Assets (MiCA) Proposed Timeline. Source: PwC

These regulations primarily target the closure of tax avoidance loopholes and were put into effect in July.

On August 16, Europe marked the launch of its first spot Bitcoin exchange-traded fund (ETF) on the Euronext Amsterdam stock exchange.

The ETF, known as the Jacobi FT Wilshire Bitcoin ETF, has the ticker symbol BCOIN. It operates under the regulatory authority of the Guernsey Financial Services Commission (GFSC).

The post European Lawmakers 90% In Favor Of Stringent Crypto Tax Framework appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

tax european crypto lawmakers favor framework stringent

tax european → Результатов: 33


Oryen Network, SOL, and AVAX Not Concerned About EU Parliament Voting in Favor of Crypto Tax

The European Union (EU) recently announced new legislation that will continue to regulate the crypto industry within its borders. While many argue that decentralized digital assets should be free from intervention, this news shows that power-makers are starting to take crypto seriously and that it has a considerable future in global finance.

2022-10-8 21:00


EU Parliament just voted on controversial Copyright Reform — the outlook is grim

The EU Parliament just passed versions of the most contested articles of the new Copyright Reform proposal: Article 11 on ‘link tax’ and Article 13 which will enable censorship machines. Axel Voss (CDU, EPP), the rapporteur of the controversial proposal and its biggest supporter, clapped his hands and celebrated once the final votes were in on the new Copyright Reform today at the European Parliament.

2018-9-12 15:06


In Major Victory For Consumers, EU Parliment Rejects Copyright Law

TheDigitalArtist / Pixabay We did it! Today, the European Parliament voted to reject the proposed copyright proposal, which includes the dangerous Link Tax and Censorship Machine provisions.1 This is a major victory! We have been fighting against these threatening articles within the copyright proposal for years. And now that it’s finally made it to the […]

2018-7-6 06:34