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S&Ds welcome regulating crypto-assets to stop further hiding of wealth

Date

08 Dec 2022

Sections

Euro & Finance

The S&Ds welcome the legislative proposal on the exchange of information regarding crypto-assets presented today by the European Commission. Although imperfect, it will oblige crypto-assets services providers to share key information and thus ensure appropriate taxation of these assets*.

According to the proposed legislation, the obligation to report earnings through crypto-assets investments and the exchange of these data among EU member states are expected to yield an additional €2.4 billion in tax revenues.

Aurore Lalucq, MEP and S&D spokesperson on taxation, said:

“This proposal finally allows us to have an exchange of information on crypto-assets. It is a step in the right direction in order to appropriately tax and regulate those assets.

“The recent collapse of crypto-assets exchange, FTX, and other numerous scandals in the sector remind us of the urgency to regulate this sector. This is why the proposed rules should be implemented as soon as possible instead of waiting until 2026."

Jonás Fernández, MEP and S&D spokesperson on economic and monetary affairs, added:

“Ensuring appropriate taxation of crypto-assets is crucial, especially in the current crisis of soaring energy and food prices. With tax fraud and evasion, our societies lose money that we could use to support people.

“Lack of appropriate regulation of these new alternative payment systems also threatens to undermine the progress already made on tax transparency. As cryptocurrencies gain prominence and popularity, the EU needs to further strengthen the fight against tax fraud and unfair tax competition.”

Notes to editors:

*The European Commission today proposed the eighth Directive on Administrative Cooperation, aka DAC8. The aim is to upgrade the existing legislation on administrative cooperation by including crypto-assets to ensure that it keeps pace with the evolving technology and economy.

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