EU Wants to Introduce Blockchain in Taxation
The European Parliament has voted in favour of a decision that represents a significant step for the blockchain space.
The resolution tackles both tax evasion through crypto assets and the streamlining of rules for their taxation.
This solution attempts to define what makes an event taxable and suggests that converting from crypto to fiat currency is the most realistic option.
The European Commission has not yet clearly defined this and other possible taxable events and is considering the borderless nature of cryptocurrencies.
In addition, the exchange of taxpayer information by international tax administrations will need to include information on crypto assets. However, the policy also calls for “simplified tax treatment” for smaller transactions.
Blockchain technology is also being pushed as a tax collection tool, identifying the technology’s potential to “automate tax collection, curb corruption and better identify ownership of tangible and intangible assets, allowing for better taxation of mobile taxpayers”, the European Parliament’s announcement said.
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The Commission is urged to introduce blockchain technology into taxation programmes. It is also encouraging EU member states to reform their tax authorities.
The dossier was adopted in Parliament’s plenary session by an overwhelming majority of 566 votes in favour, 7 votes against and 47 abstentions. The lead MEP in the report is Lydia Pereira, a member of the centre-right European People’s Party in Parliament.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
