EU Warns 12 Member States of Failure to Implement Cryptocurrency Taxation Rules

BlockBeats News, February 2nd. According to Crowdfund Insider, the European Commission has intensified enforcement of the regulatory framework for crypto assets. Due to a failure to implement or comply with the new EU rules on crypto asset taxation and market regulations, infringement procedures have been initiated against multiple member states.

In the latest round of infringement decisions, the European Commission stated that it has sent formal letters of notice to 12 member states for not fully transposing EU rules on crypto asset tax transparency and information exchange into their national laws. The 12 countries are Belgium, Bulgaria, Czech Republic, Estonia, Greece, Spain, Cyprus, Luxembourg, Malta, Netherlands, Poland, and Portugal.

This action is related to EU Directive (EU) 2023/2226. The directive revised the EU's longstanding tax administrative cooperation framework, extending reporting and information-sharing obligations to crypto asset service providers to enhance tax transparency and regulation of crypto asset transactions.