EU authorities will require crypto-related companies to provide tax authorities with information about their clients’ balances. According to CoinDesk, citing the document.
The data-exchange law, based on the OECD model, is to be agreed next week. The measure will enable tax authorities from the 27 member states to exchange data.
The bill was partly designed to combat crypto investors who hold their assets in offshore accounts.
As part of the initiative, a dedicated commission will compile a register of crypto-asset operators by December 2025. The new rules will take effect on 1 January 2026.
According to the document, the directive will also cover companies outside the European bloc. In addition to cryptocurrencies, authorities will monitor stablecoins and non-fungible tokens (NFTs).
On 20 April, the European Parliament approved the Markets in Crypto-Assets (MiCA), which will take effect in 2024.
Earlier in April, the chair of the EBA, José Manuel Campa, stressed the need to diversify the reserves of ‘stablecoins’.
Later, he proposed to grant central banks the power to ban stablecoins that affect the EU’s policy goals.