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European Parliament in Favor of Crypto Tax Policies

The European Parliament voted in favor of a plan to use blockchain technology to bring about a more robust approach to minimize tax evasion and create a more coordinated and equitable taxation system for cryptocurrencies.

The motion, which was authored by MEP Lidia Pereira, was shown a green flag by more than 80% of MEPs in the European Parliament. Seven of the 705 MEPs opposed the resolution, and 47 were missing, with 566 voting in favor.

The European Parliament released a press statement with details of the new development on Tuesday. The resolution gives a thorough answer to the question of taxes when it comes to the crypto business across EU nations. Numerous nations continue to battle the deceitful instances of tax evasion.

The resolution also takes into account small investors and transactions. The press release states that the tax burden for these investors would be eased moderately. The European Commission will be carrying out this provision of the resolution. The commission will assess the kind of cryptocurrency taxes in each EU member state. In addition, it will evaluate the methods employed by each nation to curb tax avoidance.

Additionally, the resolution seeks to define crypto assets in a manner that bodes well with all parties. It also attempts to specify the types of assets generally recognized as liable for taxation. This will ease some of the confusion that clouds the EU when it comes to definitions.