- Netherlands has invited public comments on a new draft bill on crypto tax reporting expected to align local rules with European Union regulations.
- The public can share opinions and comments up to Nov. 21, 2024.
- Adoption will see crypto service providers share user details starting January 1, 2026.
The Dutch government has asked for public input on a new draft regulation for crypto tax monitoring and reporting, with a focus on aligning& local tax laws with broader crypto regulation within the European Union.
The Netherlands’ Ministry of Finance announced the public feedback program in a press release published on Oct. 24. The draft bill, if adopted into law, would mandate cryptocurrency exchanges and other digital asset service providers to submit customer data to the Dutch Tax Administration.
Per the announcement, the new law aims to create a more transparent environment in terms of crypto ownership to reign in potential tax avoidance or evasion.
As such, the public have Nov. 21 to submit their opinion, advice and comment. Thereafter, the government will look to bring the bill to the Dutch House of Representatives at the start of Q2, 2025. If adopted, the new law will take effect on January 1, 2026.
Aligning with EU regulations
The Netherlands’ proposed bill is part of the country’s effort to bring local crypto regulation in line with broader laws in the European Union. This effort is being implemented across the EU member states. In October 2023, the EU released the DAC8 directive, which provides that crypto exchanges adopt tax reporting measures in the countries they hold regulatory licenses.
Accordingly, the DAC8 eases the administrative burden on exchanges as reporting is only mandated in that one country and applies across the EU.
The Netherlands’ move sees it join Denmark, which this week outlined crypto tax standards for unrealized gains. The proposal also aligns with the DAC8 and is part of the broader effort to support EU’s Markets in Crypto-Assets (MiCA) regulation.
MiCA is a comprehensive regulatory framework that the European Parliament passed into law in June last year. The regulation provisions on stablecoins came into effect on June 30, 2024, while the full law takes effect as of December 30, 2024.
The post Netherlands seeks public feedback on crypto tax reporting rules appeared first on CoinJournal.
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