The European Union (EU) policymakers just drafted a bill to tighten regulation on cryptocurrency exchanges. The new directive requires crypto-related companies to release certain details about their customers for taxation.
According to the report, the EU would get ready to accumulate 2.4 billion euros in the event that its proposal was approved.
In addition, one of the conditions that must be met before this initiative can be considered a success is that crypto-assets must be acknowledged as a valid method of payment or investment. Also, a clear definition of the taxpayer is still a fundamental requirement.
Regulators Want More Transparency
The directive will put an end to anonymous transactions on bitcoin exchanges. These are the financial resources that authorities believe were utilized to fund extremist attacks.
Accordingly, crypto exchanges and companies that provide crypto services to customers will be obligated to disclose personal…
