The post European Crypto Providers Should Report Tax Details As per New EU Bill appeared first on Coinpedia Fintech News
Crypto providers will have to report details of their EU clients’ transactions to national tax authorities within the bloc, under a bill set to be proposed by the European Commission next week.
The new law, inspired by international standards designed to curb crypto tax evasion, could also apply to stablecoins, derivatives, and non-fungible tokens (NFTs), and force even non-EU-based crypto providers to register within the bloc, the document reveals.
Under the plans, crypto asset providers would have to collect and verify information about their users such as names, addresses, social security numbers, and dates of birth, which would then be sent to the tax authorities in the user’s country of tax residence.
Source: https://coinpedia.org/crypto-live-news/european-crypto-providers-should-report-tax-details-as-per-new-eu-bill/