Europe may require all crypto companies to submit customer data

crypto companies to submit customer data

Legislation under consideration stipulates sending address, birthplace, and crypto investment Europe may require all crypto companies to submit customer data to tax authorities. 

measure would influence even organizations not settled in the block

Organizations of all sizes that cycle cryptographic exchanges in the European Association (EU) will before long have to give data about their clients to the coalition's experts for charge purposes, as per proposed regulation for part nations.

crypto companies

Even non-European cryptocurrency operators will be required to report transactions if they have EU-resident customers, according to the new policy, which is presented as an addition to a broader package of anti-tax fraud measures.

Tax authorities would require businesses to provide personal information about their customers,crypto companies as where they live and when and where they were born. 

They would also need to include how much the person paid for the crypto or how much they got from the sale.


Markets in Crypto Assets, or MiCA, the EU's landmark crypto regulation package, is nearing completion. A vote on the bill, which would establish a framework for its members' cryptographic services, is scheduled for February.

According to policymakers,

Imposing the requirement to report income derived from crypto investments would enable EU member states to obtain an accurate picture of the taxes they are owed, leading to additional revenue of up to €2.4 billion (US$2.53 billion, or R$ 12.5 billion). The commission also stated that establishing common rules for these reports would be beneficial to the industry.



The EU would have to spend €300 million to implement the rules, then another €25 million a year.
Policymakers claim that the initiative would only have a "limited" effect on small and medium-sized businesses because they already have access to the required data.



Cryptocurrency advocates oppose the EU because they worry that the region's businesses will be overwhelmed by regulations.



European Crypto Initiative President Simon Polrot stated, "The information requested from CASPs [cryptographic asset service providers] is extremely significant and complex to calculate." 

The volume of information that will need to be produced and sent will be enormous, and the estimated cost for service providers appears to be understated. 

Are the tax authorities in the Member States equipped to process this information?


After at least eight weeks, comments on the proposal can be submitted, and any responses will be presented to the European Parliament and Council as part of the legislative discussion.

At the beginning of 2018, the cryptocurrency market entered a prolonged bear market after a completely euphoric end to 2017. Investors had the opportunity to put their faith in cryptocurrencies and Blockchain to the test during this prolonged bear market. As a result, some of them announced the demise of cryptocurrencies and Bitcoin. On the other hand, some businesses demonstrated their patience to maintain their faith in cryptocurrencies. The market once more gained popularity in a new bullish cycle in May 2019. Additionally, there was a significant expansion that began to have an impact on the economic activity of some nations.

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