European Lawmakers Urge for Crypto Taxation, Use of Blockchain to Fight Evasion
Members of the European Parliament have called for “effective taxation” of crypto assets and “better use of blockchain” to counteract tax evasion. A resolution aiming to achieve both objectives has been approved by a large majority which also wants small crypto traders to enjoy a simpler tax regime. European Parliament Adopts Framework for Uniform Taxation of Cryptocurrencies in EU European lawmakers have supported a non-binding resolution setting out a framework seeking to achieve the implementation of blockchain technology in taxation and uniformly tax digital....
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One of Fabio Panetta’s concerns seemed to be how the ECB and lawmakers address the taxation of cryptoassets, describing current requirements as “minimal." European Central Bank executive board member Fabio Panetta said lawmakers across the world must decide how to regulate cryptocurrencies based on potential risks.In a written statement for a speech to Columbia University on Monday, Panetta said global policymakers had made some progress in addressing regulatory frameworks on digital assets, but “not swiftly enough to keep pace with the emerging challenges.” According to the ECB official,....
Several U.S. lawmakers have called on Federal Reserve Chairman Jerome Powell to support cryptocurrency innovation. “The Federal Reserve must work to support domestic innovation … Our government should never be in the business of thwarting innovation.”
Members of Congress Urge Fed Chair Powell to Support Crypto Innovation
Several U.S. Congress members have sent a letter to Fed Chair Jerome Powell asking him several questions regarding the Fed’s effort on cryptocurrency regulation. The bipartisan letter is signed by Reps. Tom Emmer, Darren Soto, Frank....
Eight U.S. lawmakers have sent a letter to the chairman of the U.S. Securities and Exchange Commission (SEC) regarding how the agency collects information from crypto companies. According to the crypto community, the SEC’s “requests” for information “are overburdensome, don’t feel particularly voluntary, and are stifling innovation.”
US Lawmakers Want Answers From SEC
U.S. Representatives Tom Emmer, Darren Soto, Warren Davidson, Jake Auchincloss, Byron Donalds, Josh Gottheimer, Ted Budd, and Ritchie Torres have jointly sent a....
The Russian State Duma approved a bill on crypto taxation in early 2021 but the bill has yet to move any further. The Russian Federal Taxation Service (FNS) is actively monitoring the cryptocurrency market to prevent tax evasion, FNS head Daniil Egorov said.Cryptocurrencies can potentially cause “significant erosion” to Russia’s tax base, Egorov argued in a Monday interview with the local publication RBC.But cryptocurrency transactions are still traceable and should be reported, the official said, adding that FNS is ready to deploy automated tracking systems to process big data....
With the new EU VAT legislation, which came into effect on 1 January 2015, the EU companies in the telecommunication, broadcasting or e-service field have to comply with new rules, which require companies selling e-services and goods within the EU to establish a proof of residence for their customers. EU tax evasion on the microscope. The newly launched VAT regulations focus on the prevention of tax evasion. More specifically, they aim to eliminate the advantage of large corporations to locate their offices in EU countries with low VAT rates in order to supply their products within the EU....