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.
#cryptoregulation , #cryptotax , #CryptoNews🚀🔥 , #Bitcoin❗ , #EUregulations
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
