The Netherlands has proposed new taxation laws that require exchanges and other VASPs to share their users’ data with tax authorities to stamp out tax evasion.
Elsewhere, Norway, one of the world’s most cashless countries, is not in a rush to launch a central bank digital currency (CBDC) despite continued advancements by its peers. If it decides to venture into CBDC development, the European nation will most likely focus on a wholesale solution, the country’s central bank says.
Dutch government’s new tax bill for digital currencies
The Dutch government has proposed a new bill that changes the digital asset taxation framework to mandate exchanges and other VASPs to share user data with tax authorities.
In the Netherlands, digital asset profits are taxed as income from savings and investments. However, according to global law firm Simmons and Simmons, active traders are subject to income tax ranging from 9% to 49.50%.
The new bill …