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The European Parliament voted to change the taxation of the crypto industry
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The European Parliament voted to change the taxation of the crypto industry

Oct 5, 2022

In the European Union, at the legislative level, they are considering the possibility of identifying people who do not pay taxes and taxing the withdrawal of cryptocurrencies into fiat money by using blockchain. MEP Lidia Pereira presented a report, discussing which lawmakers tried to determine when and in what case transactions with digital currencies should be taxed. After that, they decided that this should be done when converting cryptocurrencies to fiat.

But the European Commission must find all possible scenarios for taxing digital currencies. The EU Parliament believes that it is necessary for multinational tax authorities to share data on crypto assets when there is an exchange of information about taxpayers.

If small transactions in cryptocurrencies are carried out, MPs are calling for "Simplified tax regimes" to be applied. Everyone in the European Parliament agrees that blockchain is a good tool for tax collection. As the discussion ended, EU Member States decided to reform the tax authorities of the EU countries and called for the introduction of blockchain technology into the taxation program.

During the plenary session of the parliament, an overwhelming majority voted for the decision to adopt a new tax policy of the European Union - 566 in favor, 7 people against and 47 people abstained.

In September, analysts from Coincub provided a list of countries with positive and negative features for investors in cryptocurrencies. The worst place for crypto companies and investments is Belgium, and the best is Switzerland.

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