The EU_Commission today wants to clamp down on crypto tax evasion by forcing foreign providers to register within the EU. jackschickler reports.
The European Commission plans to make crypto companies report user holdings to tax authorities, it said Thursday – but the European Union body says it’s still working on how to enforce the measures on wallet providers or exchanges based outside the bloc., the proposed new tax rules, known as the eighth Directive on Administrative Cooperation or DAC8, seeks to halt billions of euros in evasion by taxpayers stashing crypto abroad.
When asked how the EU will enforce the measures on companies outside the bloc, Gentiloni told reporters, “we will work on that. What counts for us is that EU residents are targeted by these measures,” even if they use crypto providers from elsewhere, he said. The tax plan requires any company with EU clients to register and report within the bloc, but may face logistical challenges in a sector where companies are largely online and sometimes claim not to have headquarters at all.The widely-touted plans, which will also apply to some providers of non-fungible tokens , have drawn immediate reactions from industry observers.
Others have been more calm over the plans, noting that the 38 developed countries in the Organization for Economic Co-operation and Development have already developed norms to stop tax being evaded in overseas bank accounts, which they now want to spread to“Exchange of information across borders already happens in the tax world and authorities are keen to expand the scope of these data sharing arrangements to crypto asset transactions,” Danny Talwar, Head of Tax at Koinly, told CoinDesk in a...
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Goldman's digital asset chief sees 'interesting opportunities' to buy or invest in crypto companies: reportGoldman Sachs Group Inc. undefined is taking a look at more attractive valuations for investment and acquisitions in the digital currency space, an executive...
Read more »
Why Decentralized Crypto Platforms Are Weathering the CrashIn the past year, crypto markets dropped from $2.9 trillion in value to around $800 billion. In the wake of the collapse, crypto lenders and exchanges have been accused of fraud and other wrongdoing. What went wrong? One factor is competition. In theory, competition should always benefit consumers. But in some situations, as competition intensifies, companies hide underlying costs and risks in order to offer attractive products and win customers. Because it’s so easy to move assets in crypto, competition incentivized this practice, and a lack of transparency in centralized crypto finance allowed unproductive companies to thrive by offering products that appeared attractive in the short run but were unsustainable in the long run. Unfortunately, these companies amassed significant assets before their business models eventually unraveled. This problem hasn’t affected all crypto markets, however: decentralized exchanges, which have more transparency, have held up while centralized exchanges have flamed out. Though generally smaller and less advanced than centralized exchanges, these decentralized protocols may offer a way forward for crypto markets.
Read more »
Dogecoin surges, and how the FTX scandal could affect Wall Street crypto adoption: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Crypto World speaks to Wall Street executives who made the jump to crypto to learn how they're weathering the latest downturn.
Read more »
Crypto Markets Today: Gensler Restates SEC’s Crypto AuthorityThe chairman said the agency has the basic disclosure and governance requirements to hold digital-asset firms accountable, although he did not address the fallout from crypto exchange FTX’s collapse.
Read more »
This chart shows how companies have gone quieter on cryptoThere were 146 corporate conference calls mentioning cryptocurrency and other related terms in the first two months of the fourth quarter, below the counts seen in the first two months of the prior three quarters, data showed.
Read more »