EU strengthens collaboration between national tax authorities on crypto-assets

Temps de lecture : 2 minutes

The Council of the European Union has approved a new directive. This improves collaboration between national tax authorities with regard to transactions involving crypto-assets. The directive aims to strengthen the existing legal framework. It aims to broaden registration and reporting requirements. It also aims to improve overall administrative cooperation between tax authorities.

Challenges posed by the decentralized nature of crypto-assets

Until now, the EU has encountered significant difficulties in ensuring tax compliance due to the decentralized nature of crypto-assets. This directive represents a response to these challenges and covers a wide range of crypto assets. It comes into play for stablecoins, e-money tokens and specific non-fungible tokens.

Taking account of the EU’s economic governance framework

The directive also takes account of the EU’s economic governance framework. It includes standard rules for fiscal and monetary policies applicable to all member states. According to Nadia Calviño, this initiative aims to achieve a balanced agreement by the end of the year, strengthening economic and monetary union. It is also an opportunity to promote sustainable growth and fiscal responsibility.

Further revisions of the directive expected in 2022

It is also expected that the European Commission will propose further revisions to Directive 2011/16/EU in 2022. This covers administrative cooperation in the field of taxation concerning the exchange of information on crypto-assets. It also covers tax rulings for high-net-worth individuals.

The main changes introduced by the directive

  • Expanded registration and reporting requirements: players in the crypto-asset sector will have to comply with new rules.
  • Improved administrative cooperation: the directive facilitates the exchange of information between national tax administrations. It guarantees greater transparency and a more effective fight against tax fraud.
  • Coverage of a wide range of crypto-assets: The various forms of crypto-assets are now taken into account in the European regulatory framework.

Impact on crypto-asset industry players and investors

This strengthening of the European legislative framework will inevitably have an impact on the various players in the crypto-asset market. They will have to adapt to these new regulations and implement internal procedures to ensure their compliance.

Investors will also be affected, as they will have to provide more information when trading. They will have to be vigilant about the various tax obligations arising from their investments in crypto-assets.

Cooperation between national authorities plays an essential role

For this directive to be truly effective, national tax authorities need to work closely together. Exchanges of information and communication between these authorities are essential. They help combat tax fraud and ensure greater transparency in the crypto-asset sector. Only a coordinated implementation of this directive will enable us to achieve the objectives set by the European Union.

Conclusion

By adopting this directive, the EU is taking an important step towards a more transparent and fair tax environment for the crypto-asset sector. However, to ensure its success, collaboration between member states and the exchange of information will be essential. Market players must therefore be prepared to adapt to these new regulations.

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