The European Union (EU) introduces a new rule that requires companies providing crypto services to submit their transactions to tax authorities.
Fraud, bankruptcy and customer grievances in the crypto industry have taken a place on the agenda. Cryptocurrency exchanges in particular attracted attention with their transactions with customer assets. FTX, one of the world’s largest cryptocurrency exchanges, used client assets as collateral to save Alameda. In addition, many fraudulent methods negatively affect crypto investors. Following these processes, the EU started to carry out various studies in order to protect investors. Another move from the EU came to companies offering crypto services.
EU Focused on Companies Offering Crypto Services
The European Union (EU) is conducting new studies in order to prevent negativities such as tax evasion and fraud. The EU will scrutinize companies offering crypto services.
The new proposal presented at the commission will cover companies of all sizes and geographic locations offering crypto services. According to the proposal, companies providing crypto services will have to report EU-based customers’ transactions to tax authorities. The Commission aims for the new rules to enter into force on 1 January 2026.
“Tax authorities currently do not have the necessary information to monitor revenues generated using crypto assets that are easily traded across borders,” the EU statement said. statements were included. In addition, the EU touched on these factors and stated that EU citizens lost significant tax revenues.
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