The EU's cryptocurrency tax proposal requires national cryptocurrency service providers to report the transaction details of EU users

ChainCatcher news, December 8, a new proposal from the European Commission requires all cryptocurrency service providers "with EU customers" to report the transaction details of EU customers to tax authorities. The scope of this legislation includes cryptocurrencies "issued in a decentralized manner," including Stablecoins and NFTs.

The Commission also suggested monitoring the cross-border transaction activities of high-net-worth individuals as a means to expand the data used by tax authorities, to prevent opportunities for concealing wealth from tax officials. The new rules still require unanimous approval from representatives of EU Council member states before coming into effect, and the European Commission hopes to implement the proposal starting in 2026. Previous reports indicated that the EU tax draft could generate $2.5 billion in revenue from cryptocurrency taxation. (Source link)