Home Business Europe votes en masse for new crypto tax law

Europe votes en masse for new crypto tax law

Europe votes en masse for new crypto tax law

On Wednesday, European lawmakers convincingly voted for stricter crypto tax laws. According to Bloomberg, up to 90 percent of candidates support the European Union’s plans for stricter tax laws. Tax laws for crypto users are intended to make it easier for authorities to monitor crypto trading and crypto profits.

Stricter European crypto laws

In Strasbourg, where MPs met, there were 535 votes for the new plans. 57 votes were against and 60 MPs decided not to vote.

The Administrative Cooperation Directive (DAC8), the legal framework that was voted on, was presented to the European Commission last December. For the law’s supporters, the convincing vote is an important milestone. If everything goes according to plan, the new tax rules will be implemented in 2026.

If the law is passed, stricter rules will apply to both crypto users and crypto platforms. For example, the reporting of cryptocurrency ownership and profits will be monitored more closely.

The European Union is therefore intensively committed to greater supervision of the crypto industry and its users. But Europe is also active in another facet of the crypto world.

The digital euro

The European Central Bank (ECB) is busy with its plans for a digital euro. The digital euro is a so-called Central bank digital currency (CBDC). This is a cryptocurrency issued by a central bank. In this case the ECB. For Fabio Panetta, ECB board member, this digital euro can’t come soon enough.

Although many people fear the impact of a digital euro, Panetta points out that this need not be a cause for concern.

“The Eurosystem will not be able to view personal data of digital euro users or associate payment information with specific individuals. Agents can only see the user information necessary for onboarding and fulfilling existing requirements.”

Panetta said in a speech on September 4th. In his opinion, the digital euro will lead to major and beneficial changes for the European monetary system. He mentions it “Not a risk, but an opportunity for the European financial system.”

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