class=”sc-29f61514-0 kHgAwW”>
Cryptocurrencies are computer generated, Bitcoin being the most well-known. The market started without extensive regulation, so there were concerns about cases of fraud and money laundering opportunities.
The new rules make it easier for states to collect taxes if profits are made from investing or trading in cryptocurrencies, as with other financial assets. “Tax authorities are obligated to automatically exchange information to be provided by reporting providers of crypto services,” it said in a statement. The decentralized nature of crypto assets has made it difficult for countries’ tax authorities to ensure tax compliance.
The new rules have been unanimously adopted by the Council, but have not yet been formally adopted. But this is considered a formality. Most will come into effect in 2026, some a little later, in 2030 at the latest.
Also, in the fight against money laundering, EU countries decided today that crypto services providers are obligated to collect and provide certain information about the responsible and beneficiaries of the crypto-asset transfers they carry out, regardless of how many crypto-assets are transferred. . Its purpose is to provide traceability of crypto value transfers and better detect possible suspicious transactions. In addition, the countries agreed on a legal framework for investor protection in crypto assets. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
