The General Anti-Fraud Tax Directorate (ANAF) of Romania, which is part of the 27 countries of the European Union, has ordered the review of the data of cryptocurrency users and bitcoin miners who do not report their earnings, nor pay taxes.
The tax inspectors of the Romanian agency are reporting that cryptocurrency users living in the country have not declared almost 50 million euros (USD 52 million) of the profits obtained, during the period from 2016 to 2021. This, as a result of its operations on various decentralized platforms and exchanges such as Binance, KuCoin, Maiar, BitMart, FTX and others.
In a release issued recently, the ANAF reports that its prosecutors have begun verifying the income derived by local cryptocurrency traders. Until now They have examined 63 investors of bitcoin and other cryptoactives, who did not notify the agency of the profits obtained after operating with 131 million euros.
Therefore, additional taxes were established for a total amount of 2 million euros for those who did not correctly report their earnings, the agency details in its official Web site.
In this sense, tax fraud inspectors will continue to verify income from specific activities, such as bitcoin mining, cryptocurrency trading, as well as buying and selling non-fungible tokens (NFTs). The idea is to guarantee greater tax collection, as reported in its statement.
The ANAF anti-fraud department has recommended to all Romanians who are used to carrying out or planning operations with cryptocurrencies, to make sure to report their income to cover their tax obligations with the State.
The Central Bank of Europe will warn countries to make isolated decisions
Currently, the cryptocurrency industry is regulated in Europe by the measures and laws established by each of the 27 countries that make up the European Union.
However, this ecosystem will have to adapt to profound changes, because the expected Regulation on Cryptoactive Markets, better known as MiCA Law, was agreed under a “provisional political” agreement last week.
The rules are expected to take effect in 2024, including the new transfer of funds regulation, or TFR. Is requires exchanges and other cryptocurrency service providers to provide identifying information of users, on all their digital asset transactions, even when using self-custodial digital wallets.
Faced with the decisions that the eurozone countries may take, in isolation, there is the possibility that the Central Bank of Europe send a stern warning on the dangers that national regulators may preempt the MiCA.
As planned, so far, the regulation for Europe’s cryptocurrency market will become law in 2023, with its full implementation planned over the next 18 months.
Ernest Urtasun, an MEP and TFR rapporteur who was present at the recent debate in Parliament, said that the regulation of transfers with cryptocurrencies and the MiCA Law, have intertwined processes.
He added that “the European Union is trying to implement its cryptocurrency rulings in one go,” meaning that certain definitions used in the TFR are not applicable until the MiCA comes into force, as reported by Bloomberg.