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European Union plans to collect $2.4 billion in taxes on Bitcoin exchanges

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Reference Binance countries

A new legislative proposal, presented by the European Commission, seeks to tighten fiscal policy toward service providers with bitcoin (BTC) and other cryptocurrencies in the eurozone.

The COVID-19 pandemic and the consequences of the Russian-Ukrainian war “add urgency to the need to protect public finances,” the agency stresses. BILL presented by the institution responsible for legislation in Europe.

“Member states will need sufficient tax revenues to finance their considerable efforts to contain the negative economic impact of crises, while ensuring the protection of the most vulnerable groups,” the proposal reads.

In this sense, with the law, member states seek to ensure “fiscal equity” in their territories. Prevention of tax fraud, tax evasion and tax avoidance. By companies related to the ecosystem of bitcoin.

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In addition to fees, the project requires cryptocurrency companies to hand over users’ information, including data such as place of residence, date of birth and the amount of cryptoassets people mobilize..

The paper estimates that the taxation of cryptoassets is equal to 2.4 billion could be raised.. EU members estimate they need to spend 300 million euros to implement the law and another 25 million euros each year.

It should be noted that since the proposal is not a regulation, it will leave it up to the member states to decide how to implement the provisions outlined in the text in their respective territories.

In this way, its implementation differs from that which will apply to the draft law on cryptocurrency markets, known as the MiCA Lawwhich will regulate the bitcoin and cryptocurrency market in the region. starting in 2023, as reported by CryptoNews.

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