The draft regulation of the European Union (EU) has leaked to the public. Accordingly, the draft includes a number of details concerning cryptocurrencies. According to the new taxation regulation, which is expected to be published this week, digital assets seem to be included in this scope. The leaked draft could be a tax surprise for crypto investors in the European Union.
Cryptocurrency detail draws attention in EU regulation draft
The leaked draft draws attention to taxes on crypto assets. Accordingly, it is possible for the European Union to collect a tax of around 2.4 billion euros on cryptocurrencies. The source of this claim comes directly from a crypto taxation proposal at the European Commission. The proposal will be accepted by the Commission this week. Accordingly, the new regulation will close the “regulatory gap”. It will also eliminate tax evasion opportunities for crypto investors. Thus, it will make it impossible for people in member states to do tax evasion via crypto.
As for the details about the offer, taxation; It includes NFTs, cryptocurrencies, and stablecoins. It also makes it mandatory for such projects to report to national tax authorities. However, for the rules to be enforced, the assets must be able to be used for purposes such as payment or investment vehicles. Under this taxation bill, certain utility tokens will be exempt from the rules. Therefore, if any asset is an exception, it is extremely possible for the price of the asset to make a massive rally. The spokesperson of the European Commission, who made a statement on the subject, did not confirm the allegations, but did not deny either.
Member states will adapt the rules accordingly.
This draft law, which concerns EU countries, will be published as a directive, not a regulation. Therefore, member states will not be obliged to strictly follow the rules. Instead, they will be able to adapt the rules to their own country’s circumstances. An older version of the leaked draft introduced taxation for both centralized and decentralized projects. However, according to the newly leaked document, this will only apply to decentralized crypto service providers. Reporting will take place as defined by the Organization for Economic Cooperation and Development.
EU crypto taxation to be implemented in 2025
This draft, which has been discussed by the European Commission, serves as a guide for member states’ cryptocurrency taxation and reporting. Accordingly, the proposal will be included in the series of Administrative Cooperation Directives. Tax reporting directives will prevent people from evading taxes from other member states. According to the document, some rules will enter into force in 2025. But most of them will begin to be implemented by 2026. cryptocoin.com As we have reported, taxation and regulations for crypto assets are increasing in Turkey and around the world. It is therefore highly possible that the field will become more regulated in the future.
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