European Union to Introduce Crypto Assets Licences Requirements for Firms to Issue, Trade, Custodize and Tokenize Crypto Assets & Stablecoins, New Tax Transparency Rules to Secure Revenues from Crypto Assets
20th May 2023 | Hong Kong
The European Union (EU, 27 members) will be introducing crypto assets licences requirements for firms to issue, trade, custodize and tokenize crypto assets & stablecoins (Markets in Crypto-Assets, MiCA), including a new tax transparency rules to secure revenues from crypto assets. The new European Union Crypto-Assets regulation (MiCA) will start in 2024 in phases and the new tax transparency rules is targeted to start in 2026. European Union tax transparency rule: “Fair and effective taxation is key to securing revenues for public investment and services, while creating a business environment in which innovation can flourish. However, tax authorities currently lack the necessary information to monitor proceeds obtained by using crypto-assets which are easily traded across borders. This severely limits their ability to ensure that taxes are effectively paid, which means European citizens lose important tax revenues. The Directive will improve Member States’ ability to detect and counter tax fraud, tax evasion and tax avoidance, by requiring all crypto-asset providers based in the EU – irrespective of their size – to report transactions of clients residing in the EU. The new reporting requirements on crypto-assets, e-money and central bank digital currencies will enter into force on 1 January 2026.”
“ European Union to Introduce Crypto Assets Licences Requirements for Firms to Issue, Trade, Custodize and Tokenize Crypto Assets & Stablecoins, New Tax Transparency Rules to Secure Revenues from Crypto Assets “
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