Crypto-Assets Regulation in the EU: How Stratford&Mills Can Help You?
The European Parliament has recently approved a new piece of legislation to trace crypto-asset transfers, prevent money laundering, and establish common rules on supervision and customer protection. The law will ensure that crypto transfers, like any other financial operation, can be traced, and suspicious transactions can be blocked.
The new regulation will require crypto-asset transfers to follow the same rules as traditional money transfers. The so-called “travel rule” used in traditional finance will also cover transfers of crypto-assets. Information on the source of the asset and its beneficiary will have to “travel” with the transaction and be stored on both sides of the transfer.
This new legislation also covers transactions above €1000 from self-hosted wallets when they interact with hosted wallets managed by crypto-assets service providers. The rules do not apply to person-to-person transfers conducted without a provider or among providers acting on their own behalf.
Stratford&Mills, an accounting company specializing in tax services for crypto-assets, can assist you with complying with this new regulation. Our team of experts can help you understand the requirements of the new law and ensure that your crypto-asset transfers are in compliance.
We can also help you with other crypto tax cases. With the growing popularity of crypto-assets, tax authorities are paying closer attention to individuals and businesses that deal with these assets. Failure to comply with tax regulations could result in penalties and other legal consequences.
Our team of experts can help you navigate the complex tax landscape of crypto-assets. We can assist you with tax planning, compliance, and reporting, ensuring that you are in full compliance with all tax regulations.
At Stratford&Mills, we understand the unique challenges that crypto-assets present. Our team of experts stays up-to-date with the latest tax regulations and developments in the crypto industry, so you don’t have to.
In conclusion, the new crypto-assets regulation in the EU is an important development that will help combat financial crime and ensure that crypto-asset transfers are conducted in a transparent and secure manner. At Stratford&Mills, we are committed to helping our clients comply with the new law and handle all their crypto tax cases. Contact us today to learn more about our services and how we can help you.