The European Union is set to pass a new law that will require crypto companies to share information about their clients' holdings with tax authorities. The law is based on a model from the Organization for Economic Cooperation and Development (OECD) and is expected to be agreed upon by finance ministers next week.
The bill, which closely matches proposals made by the European Commission in December 2022, aims to prevent EU residents from hiding their crypto assets abroad to avoid taxes. The law will also apply to non-fungible token trading platforms and providers outside the EU that have EU clients.
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