In a draft text leaked today, the European Union (EU) revealed its plans to include non-fungible tokens (NFTs) and foreign companies in its upcoming crypto tax policy. The policy aims to ensure that the rapidly growing crypto industry contributes its fair share to the EU’s tax revenues.
The proposed tax policy would require all foreign companies operating in the EU’s crypto market to register and pay taxes in the EU. This move is expected to increase tax revenues and create a level playing field for EU-based companies.
Additionally, the inclusion of NFTs in the tax policy shows the EU’s recognition of the growing popularity of these digital assets and their potential for tax evasion. The policy will require NFT buyers and sellers to report their transactions and pay taxes accordingly.
The leaked draft text has sparked mixed reactions from industry players, with some welcoming the move towards greater regulation and others expressing concern about the potential impact on innovation and growth in the crypto sector. The EU is expected to release the finalized tax policy later this year.[web_stories title=”false” excerpt=”false” author=”false” date=”false” archive_link=”true” archive_link_label=”” circle_size=”150″ sharp_corners=”false” image_alignment=”left” number_of_columns=”1″ number_of_stories=”5″ order=”DESC” orderby=”post_title” view=”circles” /]