Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
The European Commission has plans to use blockchain technology across industries.
According to an announcement from the blockchain solutions platform Protokol, the EBSI an EU-funded project, will be working on creating a decentralised framework for cross-border verification. The initiative will be part of a collaboration with Protokol to implement Web3 solutions in different industries. The project will develop a credential verification system based on blockchain technology. This is aimed to provide EU citizens with a seamless credential system that works across different countries.
According to Protokol’s announcement, the project will also comprise other EU initiatives to streamline systems and processes in the digital sector. This will make interactions online easier and quicker between users and companies easier.
According to the CEO of Protokol, Lars Rensing, the consortium of partners involved in the project are working to create safe, secure, decentralised infrastructure for the EU. He noted:
“Our involvement in the EBSI VECTOR project aligns closely with our broader mission to create scalable and interoperable blockchain solutions that drive innovation and change… We believe that blockchain and Web3 technology have enormous potential to transform a wide range of industries and prepare them for the future.”
As part of the process, EU citizens will receive a Protokol digital wallet. This will house their digital credentials to be shared and used across countries.
The European Union and crypto
This follows the news of EU officials voting in the Markets in Crypto-Assets (MiCA) bill. The MiCA bill helps create a standardised set of regulations across Europe for the cryptocurrency space. While it doesn’t address all entities under blockchain technology, the bill is a step towards regulating the digital currency industry so that users are protected and innovation can be promoted.
After its introduction in 2020, the voting of the MiCA bill was delayed until being approved in May 2023.