EU may tax NFT
The European Union may introduce a law that will force cryptocurrency companies to provide detailed information about their clients' assets. Crypto firms will also be obliged to register with the tax authorities, even if they are based outside the block or offer NFT. It is reported that the legislation will be published next week.
According to the statement, the law on data exchange should be approved by the finance ministers next week. After its implementation, all 27 EU member states will be able to exchange data. Representatives of the Commission said that the bill received unanimous approval at a meeting on Wednesday. Although some people who asked not to be named said that some finance ministers have not yet received official approval from parliaments.
The EU regulation says:
"The crypto asset market has gained great importance and has increased its capitalization significantly and rapidly over the past 10 years. Cryptocurrencies are a digital representation of a value or right that can be transferred and stored electronically, using distributed accounting technology or similar technology. The member states have rules and recommendations for the taxation of income received from transactions with crypto assets. However, the decentralized nature of crypto assets makes it difficult for the tax administrations of the member states to ensure tax compliance"
