EU To Force Crypto Companies To Report Their Users’ Holdings To Tax Authorities

Potentially, even companies outside of Europe could be forced to disclose user holdings according to the EU.

The European Union indicated Thursday that it will make cryptocurrency companies report their European users’ holdings to tax authorities. The proposed eighth Directive on Administrative Cooperation was previously reported on by CoinDesk, and could have wide-reaching implications including forcing non-EU based companies to have to register with tax entities there.

In a statement, the EU Commissioner for tax, Paolo Gentiloni said, “Anonymity means that many crypto-asset users making significant profits fall under the radar of national tax authorities. This is not acceptable.”

To finish at original source; https://bitcoinmagazine.com/legal/eu-to-force-crypto-reports-of-user-holdings.

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