Members of the European Union (EU) Parliament have voted in favor of a resolution that is designed to help coordinate action against tax evasion and steer tax policy on cryptocurrencies across the political bloc.
The resolution was passed with an overwhelming majority by the European Parliament with 566 out of its 705 members voting to back the draft bill put forward by Lídia Pereira.
The resolution argues that cryptocurrency owners across the 27 member states should be subject to a “simplified” taxation process, something that has been eluding most countries in the EU.
However, by offering a clear path to taxation, the EU is also expecting to generate a good windfall as well, as consumers will feel inclined to participate in what is an efficient and easy tax collection process to legitimize their earnings and holdings.
Many consumers may still enjoy the status quo, which is that cryptocurrencies have an ill-defined tax status, which puts them in a grey area in many jurisdictions across the EU. However, the resolution wants to address this and more.
“Blockchain’s unique features could offer a new way to automate tax collection, limit corruption and better identify ownership of tangible and intangible assets allowing for better taxing mobile taxpayers”, the resolution states.
Policymakers in the EU have also been making consistent strides towards the introduction of more encompassing policies when it comes to cryptocurrencies.
One such is the recent passage of MiCA which is the world’s most comprehensive and reliable it seems cryptocurrency framework.
It’s more so not because it’s better than others in terms of reach, but rather because it attempts to find a middle ground between 27 national government.
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