Topic: The European Union will strengthen control and introduce a tax on cryptocurrency (Read 151 times)
April 26, 2018, 11:08:51 PM
Although EU regulators are still trying to grasp the cryptocurrency phenomenon, other European countries have used their non-aligned status. For example, Belarus is separated from politics and economy by embracing cryptocurrencies. An order signed by President Lukashenko has introduced tax relief and other incentives for encryption-related activities by 2023. It came into effect on March 28 in less than a week. Whether this crypto-friendly policy will fill government warehouses at the end of government funding remains to be seen
April 25, 2018, 04:02:55 AM
Measures to control the turnover of cryptocurrencies will help in the fight against money laundering, according to the European Parliament, the Parliament approved a package of new measures to combat money laundering in the EU countries, including strengthening control over cryptocurrencies. It is reported by the website of the European Parliament.
The document is the fifth and latest update of the European Union's anti-money laundering Directive, and partly responds to the 2015 and 2016 terrorist attacks in Paris and Brussels, as well as to Panama Papers ' offshore scandal.
The new rules give citizens the right to access information about the beneficial owners of firms operating in the EU and help to avoid the corrupt use of companies established for money laundering, concealment of wealth and tax evasion.
Additional measures will also allow the disclosure of beneficial owners of trusts and similar entities to those with a "legitimate interest", which will allow the provision of information to investigative journalists and non-governmental organizations. EU member States will also retain the right to grant greater access to information in accordance with their national legislation.
The new measures also address the risks associated with subscription cards and virtual currencies. In order to stop the anonymity associated with cryptocurrencies, exchange platforms, cryptocurrency exchanges and virtual wallets, as well as banks, must apply customer control "with due diligence", including customer verification requirements.
Such platforms and providers of cryptocurrency storage services should also be registered, as well as companies providing currency exchange services.
The updated Directive will come into force three days after its publication in the EU official journal. Member States will be given 18 months to implement the new norms into national legislation.
In General, the trend towards regulation of the cryptocurrency market in order to counter illegal financial activities is gaining momentum in the world. So, in the US from January 1 introduced taxes on the exchange of bitcoins, and the European Commission urged the three financial regulators of the EU to urgently update the financial rules to cope with the instability of the most popular cryptocurrency Bitcoin.
Only very sorry for odin.Trachu a lot of time in writing news and translating their other languages. And everyone is not ready to evaluate my work in +1 merit ((
The document is the fifth and latest update of the European Union's anti-money laundering Directive, and partly responds to the 2015 and 2016 terrorist attacks in Paris and Brussels, as well as to Panama Papers ' offshore scandal.
The new rules give citizens the right to access information about the beneficial owners of firms operating in the EU and help to avoid the corrupt use of companies established for money laundering, concealment of wealth and tax evasion.
Additional measures will also allow the disclosure of beneficial owners of trusts and similar entities to those with a "legitimate interest", which will allow the provision of information to investigative journalists and non-governmental organizations. EU member States will also retain the right to grant greater access to information in accordance with their national legislation.
The new measures also address the risks associated with subscription cards and virtual currencies. In order to stop the anonymity associated with cryptocurrencies, exchange platforms, cryptocurrency exchanges and virtual wallets, as well as banks, must apply customer control "with due diligence", including customer verification requirements.
Such platforms and providers of cryptocurrency storage services should also be registered, as well as companies providing currency exchange services.
The updated Directive will come into force three days after its publication in the EU official journal. Member States will be given 18 months to implement the new norms into national legislation.
In General, the trend towards regulation of the cryptocurrency market in order to counter illegal financial activities is gaining momentum in the world. So, in the US from January 1 introduced taxes on the exchange of bitcoins, and the European Commission urged the three financial regulators of the EU to urgently update the financial rules to cope with the instability of the most popular cryptocurrency Bitcoin.
Only very sorry for odin.Trachu a lot of time in writing news and translating their other languages. And everyone is not ready to evaluate my work in +1 merit ((
April 25, 2018, 04:01:52 AM
European government decided to take a special look on the cryptocurrency. As they have been legalized it in their country, then most probably they have to put taxes on some goods that will have to purchase in an individual who is a cryptocurrency-user. However, I can not still agree that even traders will have a taxes in every trade that they will do.
Let us just trust the European government and take the positive side of it as I know that they have been tackled and studied it further by the Congress and other officials. I also heard some other countries will following this kind of taxes implementation like Denmark and Estonia
Let us just trust the European government and take the positive side of it as I know that they have been tackled and studied it further by the Congress and other officials. I also heard some other countries will following this kind of taxes implementation like Denmark and Estonia
April 25, 2018, 03:36:34 AM
As far as I have seen, these regulations often take a big hit on the price of the cryptocurrencies. But, I also feel that it will be positive on the whole for the community since the number of scams have to decrease. This might attract more people in future to the idea of investing in cryptocurrencies.
April 25, 2018, 03:34:02 AM
In my own point the decentralisation concept of cryptocurrency must not involve to end users or to consumer level, anonymity and decentralisation would take place only on the blockchain and its network but when the cryptocurrencies are handd down to the en user, then regulation must be implemented to prevent money laundering and it could also protect the end users from other fraud from crypto-related activities. To sustain the cryptocurrency governing body must involve to protect their citizens.
April 25, 2018, 03:33:05 AM
If its good for the crypto market as a whole then why not? EU has always been against crypto in my opinion, but if they wanted to adopt bitcoin and crypto and impose taxes then I guess I'm OK with it. We need to draw the line and regulation will add some form of legitimacy on the ecosystem. Regulations like KYC/AML for exchanges and putting a tax, will somewhat attract more investors in rich laden Europe to pour their cash on crypto, in my opinion. But I'm against a single regulatory body to overlook everything. Crypto is decentralizes, and that said, no one should be on top of it.
How has the EU always been against crypto? I've always had the idea that the EU itself isn't for or against crypto, since they're still working on legislation.
Also rules are widly different when you look at individual member states. In most cases, I'd say it's far better to live in most EU countries than in the US, as a crypto trader.
Here you pay a tax only when you exchange crypto to fiat, while in the US you pay taxes on every trade, even those between crypto.
April 25, 2018, 03:30:08 AM
Thanks for the + 1 merit
LOL, copying an article and pasting it in, it's not a merit! Anyway about the article, I think that's a good news. I am positive about bringing cryptocurrency more legal fold, that means less scams project, that I waste my time on and save myself money. I am not against additional tax, as long as politicians don't corrupt, as it can be for them a new way to corrupt schemes.
April 25, 2018, 03:22:43 AM
I think it is fair to control money laundering officially. Taxes will make cryptocurrencies legal are it is thus beneficial both for the government and for users.
If they set some reasonable sum which should be declared and explained, that wouldn't cause inconvenience to most of people while it would help strengthen the economy of the EU and catch those who are operating some illegal money. I suppose a reasonable sum would be about $50k worth of cryptocurrencies.
It's still problematic to approach control this way, since one can diversify a very big amount of money into various coins and thus it won't be noticed.
If they set some reasonable sum which should be declared and explained, that wouldn't cause inconvenience to most of people while it would help strengthen the economy of the EU and catch those who are operating some illegal money. I suppose a reasonable sum would be about $50k worth of cryptocurrencies.
It's still problematic to approach control this way, since one can diversify a very big amount of money into various coins and thus it won't be noticed.
April 25, 2018, 03:20:22 AM
This is a good move and will have a positive effect on crypto as a whole in my opinion. This is way better than banning cryptocurrencies. Let's wait and see how it's going to be implemented.
April 25, 2018, 03:16:42 AM
That is good news.
Because taxation means acknowledging that markets are legal, people are free to trade.
But that article is mainly telling us about the more restriction to the cryptocurrency to avoid money laundering. Because taxation means acknowledging that markets are legal, people are free to trade.
We will be focussing on the AML and KYC verification, and that's it.
Said every part of the financial, economic system must have registered. Every related financial service must register the members.
KYC and AML, and all of that.
April 25, 2018, 03:08:20 AM
I am not against taxation and governments putting control over cryptocurrencies is what I dislike because they were against it from beginning. I think we should not have any limits to how people that believe in cryptocurrency from beginning to used they earning because that is what governments European Union is trying to do.
April 25, 2018, 03:02:57 AM
That is good news.
Because taxation means acknowledging that markets are legal, people are free to trade.
Because taxation means acknowledging that markets are legal, people are free to trade.
April 25, 2018, 03:00:19 AM
I don't think that pressure of goverments on cryptocurrency could be the good news. All this attempts of goverments to control crypto will be failed. It is the main idea of cryptocurrency!
April 25, 2018, 02:56:23 AM
this will bring a new hope for cryptocurrency user because they are protected by the government although they need to pay tax for getting involved in the cryptocurrency. and I am sure that the cryptocurrency will grow more if the tax is to prevent money laundering that might be happening in every country and I think every country should do this too. I think they want to protect their people from being a scam by any of websites related with cryptocurrency and they want to know how this will be a win-win solution for the government and the cryptocurrency user.
April 25, 2018, 01:35:41 AM
Here in CYPRUS the rules are slightly more relaxed because we also have a ton of Forex exchanges parked here and I think a crypto exchange is also opening soon. Here if you earn money and profits from shares and securities you don't get taxed and as many ICOS and stuff are classed as securities, if you profit from them you are o.k to bring the money in. I am not sure on other Bitcoin related matters though as Bitcoin is NOT yet classed as a currency here. It's still very much a grey area that hasn't yet been fully discussed by the Authorities. I am wondering though once the EU gets tighter and tighter, if this will impact CYPRUS as well.
April 25, 2018, 01:34:28 AM
If its good for the crypto market as a whole then why not? EU has always been against crypto in my opinion, but if they wanted to adopt bitcoin and crypto and impose taxes then I guess I'm OK with it. We need to draw the line and regulation will add some form of legitimacy on the ecosystem. Regulations like KYC/AML for exchanges and putting a tax, will somewhat attract more investors in rich laden Europe to pour their cash on crypto, in my opinion. But I'm against a single regulatory body to overlook everything. Crypto is decentralizes, and that said, no one should be on top of it.
Thank you for interest to my office.All right
April 25, 2018, 01:32:56 AM
Maybe this is good news. Will see
As shows the present day.This news is great
April 25, 2018, 12:46:20 AM
In another form, the government will not allow the existence of a crypto currency, only through tight control over your savings and payment of taxes.
April 25, 2018, 12:40:09 AM
Measures to control the turnover of cryptocurrencies will help in the fight against money laundering, according to the European Parliament, the Parliament approved a package of new measures to combat money laundering in the EU countries, including strengthening control over cryptocurrencies. It is reported by the website of the European Parliament.
The document is the fifth and latest update of the European Union's anti-money laundering Directive, and partly responds to the 2015 and 2016 terrorist attacks in Paris and Brussels, as well as to Panama Papers ' offshore scandal.
The new rules give citizens the right to access information about the beneficial owners of firms operating in the EU and help to avoid the corrupt use of companies established for money laundering, concealment of wealth and tax evasion.
Additional measures will also allow the disclosure of beneficial owners of trusts and similar entities to those with a "legitimate interest", which will allow the provision of information to investigative journalists and non-governmental organizations. EU member States will also retain the right to grant greater access to information in accordance with their national legislation.
The new measures also address the risks associated with subscription cards and virtual currencies. In order to stop the anonymity associated with cryptocurrencies, exchange platforms, cryptocurrency exchanges and virtual wallets, as well as banks, must apply customer control "with due diligence", including customer verification requirements.
Such platforms and providers of cryptocurrency storage services should also be registered, as well as companies providing currency exchange services.
The updated Directive will come into force three days after its publication in the EU official journal. Member States will be given 18 months to implement the new norms into national legislation.
In General, the trend towards regulation of the cryptocurrency market in order to counter illegal financial activities is gaining momentum in the world. So, in the US from January 1 introduced taxes on the exchange of bitcoins, and the European Commission urged the three financial regulators of the EU to urgently update the financial rules to cope with the instability of the most popular cryptocurrency Bitcoin.
Thanks for the + 1 merit
The document is the fifth and latest update of the European Union's anti-money laundering Directive, and partly responds to the 2015 and 2016 terrorist attacks in Paris and Brussels, as well as to Panama Papers ' offshore scandal.
The new rules give citizens the right to access information about the beneficial owners of firms operating in the EU and help to avoid the corrupt use of companies established for money laundering, concealment of wealth and tax evasion.
Additional measures will also allow the disclosure of beneficial owners of trusts and similar entities to those with a "legitimate interest", which will allow the provision of information to investigative journalists and non-governmental organizations. EU member States will also retain the right to grant greater access to information in accordance with their national legislation.
The new measures also address the risks associated with subscription cards and virtual currencies. In order to stop the anonymity associated with cryptocurrencies, exchange platforms, cryptocurrency exchanges and virtual wallets, as well as banks, must apply customer control "with due diligence", including customer verification requirements.
Such platforms and providers of cryptocurrency storage services should also be registered, as well as companies providing currency exchange services.
The updated Directive will come into force three days after its publication in the EU official journal. Member States will be given 18 months to implement the new norms into national legislation.
In General, the trend towards regulation of the cryptocurrency market in order to counter illegal financial activities is gaining momentum in the world. So, in the US from January 1 introduced taxes on the exchange of bitcoins, and the European Commission urged the three financial regulators of the EU to urgently update the financial rules to cope with the instability of the most popular cryptocurrency Bitcoin.
Thanks for the + 1 merit
and how do you tax cryptocapitalists? they have a lot of cryptocurrencies and they can create more whenever they want, if the eu gets communist on that, this would mean switzerland, luxemburg etc will get all the capitalists of tomorrow
April 25, 2018, 12:37:02 AM
If the use of Cryptocurrency has received good supervision and control, And in taxes by it. that means Bitcoin and Cryptocurrency will be Legalized. I hope this is good news, and what I say is true.
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