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EU states approve world’s first comprehensive crypto rules

  • EU ministers have agreed on stronger rules to tackle tax fraud with cryptocurrencies, closing loopholes allowing the avoidance of taxation on income using crypto assets.
  • The new rules will force all EU crypto asset providers to report transactions of clients residing in the bloc, and there will be an automatic exchange of tax rulings on the wealthiest individuals to target attempts to hide money from the taxman.
  • The Markets in Crypto Assets regulation and the fund transfer rules have also been approved, intended to provide greater oversight of crypto asset trades and make it harder for criminals to use cryptocurrencies for illegal activity.
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