Netherlands Considers Obliging Crypto Service Providers to Disclose User Data
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On Thursday, the Netherlands launched a public consultation on a proposed law that would require crypto service providers to disclose user data to tax authorities.
The move is in line with the European Union’s DAC8 directive, which obliges companies providing crypto services in EU countries to collect and report user data to tax authorities, who will share this information with other countries in the union.
The law, aimed at increasing transparency and curbing tax evasion, was highlighted in a government statement by Folkert Idsinga, secretary of state for taxation.
“Going forward, EU countries will have improved cooperation through data sharing, which will allow crypto transactions to become accessible to tax authorities,” Idsinga said.
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The Netherlands is seeking feedback from stakeholders before presenting the bill to the House of Representatives in the first half of 2025. The consultation period will end on November 21.
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