Brussels wants to require crypto asset providers to notify transactions by EU residents

BRUSELAS, 8 Dic.

Brussels wants to require crypto asset providers to notify transactions by EU residents

BRUSELAS, 8 Dic. (EUROPA PRESS) -

The European Commission has proposed this Thursday to require crypto asset providers, such as bitcoin trading or exchange applications, to notify the transactions of customers residing in the European Union (EU), whether domestic or cross-border, to improve the capacity of Member States to detect and combat tax fraud, evasion and avoidance.

The Brussels directive also seeks to establish a common minimum level of sanctions for situations of serious non-compliance, such as complete failure to notify despite administrative reminders and in some cases, reporting obligations will also cover non-fungible tokens (NFTs).

In addition, the Commission has proposed expanding both the reporting obligations of financial institutions to include electronic money and digital currencies, as well as the scope of the automatic exchange of information to advance cross-border resolutions used by high net worth individuals.

"The coverage of anonymity, the fact that there are currently more than 9,000 different crypto assets available and the inherent digital nature of trading mean that many crypto asset users who are making huge profits go unnoticed by national tax authorities," explained the European commissioner. of Economics, Paolo Gentiloni.

In this sense, he stressed that the Commission's proposal will allow Member States to obtain the information they need to guarantee that taxes are paid on profits obtained from trading or investing in crypto assets, as with any other financial asset.

The rules of this framework will enter into force on January 1, 2026, a schedule similar to that followed by all jurisdictions that have agreed to the Organization for Economic Cooperation and Development (OECD) crypto asset reporting framework, including the United States.

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