The European Parliament proposes to use a tax on crypto assets to cover the costs of EU member states

The Budget Committee of the European Parliament proposed using the funds received from the taxation of capital gains, mining and cryptocurrency transactions to finance the expenditure items of national budgets.

The proposal of the MEPs states that cross-border regulation and taxation of crypto assets at the EU level is more efficient than at the national level. Therefore, it is advisable to introduce a single European tax on crypto assets, the income from which will go to the general EU budget.

European Central Bank board member Fabio Panetta backed the budget committee’s proposal and said digital asset tax revenue could be used to cover the environmental costs of cryptocurrency mining, especially those associated with bitcoin mining.

Preliminary tax options include taxes on investor capital gains, crypto asset transactions and mining.

Earlier, the EU authorities issued additions to the package of measures to combat tax evasion, which states that any companies carrying out any transactions with cryptocurrency assets will be required to inform the fiscal authorities about this.