👮🏻The EU obliged crypto firms to transfer data to the tax authorities

The European Union has adopted a directive that obliges crypto firms to provide tax authorities with information about user assets and transactions.

This includes stablecoins, NFTs, decentralized protocol tokens, and staking income. The Directive will enter into force 20 days after publication in the Official Journal of the EU.

“The Directive will improve Member States’ ability to detect and combat tax fraud and tax evasion by requiring all EU-based crypto asset service providers, regardless of their size, to report the transactions of their EU-based customers.”