Last week, the European Union appeared to be rather busy with making decisions that could define the future of the crypto industry. First of all, 566 out of 705 members of the European Parliament voted in favor of a resolution originally drafted by member of the European Parliament (MEP) Lídia Pereira.
The resolution recommends authorities in the 27 member states consider a “simplified tax treatment” for crypto users involved in occasional or small transactions and have national tax administrations use blockchain technology “to facilitate efficient tax collection.” It also calls on the European Commission to assess whether converting crypto to fiat would constitute a taxable event, depending on where the transaction occurred.
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