European Parliament Passes Resolution on Crypto Tax and Blockchain Use To Make Tax Collection More Efficient.
06 Oct 2022, 08:00
European Parliament Passes Resolution on Crypto Tax and Blockchain Use To Make Tax Collection More Efficient
The European Parliament has adopted a resolution relating to taxes for the crypto market. A press release published on October 4 said that the Members of the Parliament of the European Union (MEP) passed a non-binding resolution that delivers a framework for taxing crypto and using blockchain tech in taxation.
The resolution says that crypto assets “must be subject to fair, transparent, and effective taxation.” However, it does ask authorities to consider a simplified tax treatment for “occasional or small traders and small transactions.” This will be a relief for smaller investors worried about heavy taxation, which has happened in some countries, such as India.