EU crypto tax

European Parliament Votes in Favor of Crypto Tax Resolution

05.10.2022 09:41 (Updated 05.10.2022 10:10)
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by Sviatoslav Pinchuk
1 min read

In voting, 566 out of 705 members of the Parliament of the European Union supported a crypto tax-related resolution, proposed by member Lídia Pereira.

The resolution is not a binding one, meaning that the European Parliament only recommends that the 27 member-states introduce new crypto tax practices. These include more convenient taxation of those crypto traders who are only occasionally involved in small transactions, and assessing whether crypto to fiat conversion should be a taxable event based on the location of the transaction.

In addition, the Parliament recommends that blockchain technology is implemented to combat tax evasion. According to a notice the Parliament issued, blockchain tech could reduce corruption and automatize tax collection.

This piece of news is part of the European Union’s initiative to put in place a crypto regulatory framework that is consistent between all member-states. The related policies are expected to go into effect as of 2024.

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  • Man who simply bought some BTC for domestic needs in 2014 and then forgot about it till 2017. The dude who got Ethereum in 2017 by misclick and sold it in 2018 "just to try". Lost 1 Florida house in XEM in 2018, Sviatoslav finally decided to trade reasonably and now he is one of the most analytical and data-driven trader in Crypto Industry. Has Bachelor Degree of Chinese Interpreter and deep practical experience in competitive niches SEO.

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