EU tax draft: Crypto tax could bring $2.5 billion in revenue to the EU

The European Commission’s proposal to tax cryptocurrencies estimates that taxing crypto assets could raise as much as 2.4 billion euros ($2.5 billion), according to a draft. The proposal is scheduled to pass committee this week. The draft content shows that crypto service providers in the EU need to report to national tax authorities. The draft defines crypto assets as “assets issued in a decentralized manner, as well as stable coins and certain non-fungible tokens.” The document states that some of the rules will apply as early as 2025, with most taking effect in 2026. (The Block)