EU lawmakers plan to require companies related to the storage, trading and investment in digital assets to provide tax authorities a report on the balance sheets of their customers.
According to the initiators of the bill, the development of the document is due to the need to combat tax evasion by crypto investors who keep their assets in foreign accounts.
The new law, based on the Organization for Economic Cooperation and Development (OECD) model, is scheduled to be agreed upon by finance ministers next week.
Its introduction will allow tax officials from 27 EU countries to exchange data on the balances of crypto-investors.
The tax rule will apply to all cryptocurrency companies, including those registered outside the EU. In addition to cryptocurrencies, the fiscal authorities intend to track stabelcoins and non-exchangeable tokens (NFTs).
Earlier on the portal Bits.media published a detailed review describing the EU’s innovations regarding the regulation of the cryptocurrency market.