The Dutch government aims to align its rules on data collection from crypto service providers with European Union regulations. This move is intended to "increase transparency" and help optimize tax collection.
Government Calls for Public Input on Proposed Measures
The Netherlands has opened discussions on a proposed law that would require crypto service providers, such as exchanges, to collect and share user data with the tax office — in line with EU legislation.
Goal: Prevent Tax Evasion and Optimize the Tax System
The Dutch Ministry of Finance stated on October 24 that the draft law aims to increase transparency in cryptocurrency ownership and prevent tax evasion. For individual crypto holders, nothing essentially changes, as they already have an obligation to report their crypto assets in their tax returns.
Data Exchange Among EU Tax Authorities
The new law would allow the Dutch tax office to share data collected from service providers on residents of other EU countries with the relevant tax authorities in those countries, as required by the crypto tax reporting directive DAC8, adopted last year.
The Dutch ministry emphasized that the new rules limit the administrative costs for crypto service providers, as they only have to report in the EU country where they are registered.
Strengthening Fairness in the Financial Market
Crypto holders in the Netherlands are taxed on their assets in the same way as other investments, but according to the Ministry of Finance, there has so far been insufficient oversight of crypto investments across the EU. The proposed law aims to address this gap, which State Secretary for Tax Affairs Folkert Idsinga described as a critical step in crypto taxation.
Cryptocurrencies to Become More Transparent to Tax Authorities
Idsinga added that in the future, data sharing will enable greater transparency for tax authorities regarding cryptocurrencies, helping to eliminate tax evasion and prevent losses in tax revenue for European governments.

The Netherlands Joins the International CARF Framework
In November, the Netherlands joined 47 countries that adopted the Crypto-Asset Reporting Framework (CARF) from the OECD. The proposed legislation also includes sharing data with non-EU countries that signed CARF, such as the United States, United Kingdom, Canada, Australia, and Singapore.
Deadline for Public Comments and Next Steps in the Legislative Process
Public comments and feedback on the proposed measures can be submitted until November 21. The government plans to present the bill to the House of Representatives in the second quarter of 2025.
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The European Union's Markets in Crypto-Assets Regulation (MiCA), which came into effect in June 2023, plays a significant role in regulating stablecoins within the European Economic Area (EEA). Here's a breakdown of key points...WATCH CAREFULLY 👀

MiCA and Stablecoins:
Clarity and Consistency: MiCA establishes a clear and consistent regulatory framework for crypto-assets, including stablecoins, across all EU member states. This eliminates the need for individual regulations within each country.Focus on Transparency and Governance: MiCA emphasizes transparency and robust governance for stablecoin issuers. Issuers must have proper authorization, capital reserves, and risk management procedures in place.Types of Stablecoins: MiCA differentiates between different types of stablecoins based on their underlying assets:
Fiat-backed stablecoins: These are pegged to traditional currencies like the Euro or USD. MiCA requires issuers of fiat-backed stablecoins to hold adequate reserves of the equivalent fiat currency. Only credit institutions and electronic money institutions (EMIs) can issue fiat-backed stablecoins under MiCA.Asset-referenced tokens: These are pegged to other assets like commodities or cryptocurrencies. MiCA's requirements for asset-referenced tokens might differ depending on the specific asset.

Impact of MiCA:
Enhanced Consumer Protection: MiCA aims to protect consumers by ensuring transparency and stability in the crypto-asset market, including stablecoins.Financial Stability: By regulating stablecoin issuance and reserves, MiCA aims to mitigate potential risks to financial stability within the EU.Innovation and Growth: Despite regulations, MiCA aims to foster innovation and growth in the European crypto-asset market by providing a clear legal framework.
Important Considerations:
Transition Period: While MiCA is in effect, there's a transition period for existing stablecoin issuers to comply with the new regulations.Ongoing Developments: MiCA is a comprehensive regulation, but specific details regarding stablecoin issuance and oversight might still be under development by relevant EU authorities.
Overall, MiCA's regulations on stablecoins aim to strike a balance between consumer protection, financial stability, and fostering innovation within the EU's crypto-asset market.

Thanks for reading this boring text guys, but it's important for the future of stables :) 👀🔥
#EUregulations #Stablecoins

In a recent statement, the Telegram team addressed the detention of its founder, Pavel Durov, emphasizing:
- Compliance with EU laws: Telegram adheres to the Digital Services Act and industry standards for moderation, continually improving its practices.
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- Global significance: With nearly a billion users worldwide, Telegram serves as a vital communication tool and source of essential information.
Stay updated on this developing story! #Telegram #PavelDurov #EUregulations #technews