In Europe there is a new law that requires every Bitcoin holder to declare its holdings in self custody
Unreal
Discussion
Source?
MiCa rules
Nowhere in mica is anything about declaration of personal bitcoin holdings.
Not explicitly but how are you gonna act on the travel rule… won’t take long before you declared your holdings
It doesn't say it neither explicitly nor implicitly.
Mica, interestingly, doesn't change a lot if you're the typical retail hodler because the vast majority of corn is KYCd anyway. Commercial transactions (like buying a car from a third-party with bitcoin) are covered by cash limitations.
A rule where you need to declare your holdings might be in pipeline.
What you are describing is that bitcoin holders have to declare their entire stack to the fiscal authorities (and risk penalties if they don't) and keep them up to date, either ad hoc or on a yearly basis. That is simply not the case.
Haven’t found anything on the EU level. And what do you mean declare? Yea you have to declare what you have for capital gains taxes etc. But there’s nothing like you have to register every wallet you have or something.
Thanks, this is great. I really have to dig into this asap.
Looks a bit like I experience it now. You have to log the data as an on/off ramp. Once its in a self custody wallet you can do whatever right? Or do they want wallet providers to give the EU the data?
Honestly don’t know.. it’s just so vague as they probably don’t understand it
I just have one thing to say:
Come tax and confiscate the 12 words in my brain
Yea to be honest, staying in Europe for someone who actually values being useful is not an option
If you map out the taxes you’re working for the government from January to August every year. And not only is all your productive life energy gone, it even funds more regulation and theft. Making it harder to use your time productively in the year that follows.
Yell it from the roof tops