EU Needs to Fix ‘Blind Spots’ Abetting Crypto Tax Evasion: Study

The European Union’s anti-money laundering legislation has “blind spots” that allow virtual currency users to evade taxes, according to a report prepared for the European Parliament’s tax investigative committee.

Every member nation is required to create a registry of individuals with a share of 25 percent or more of a company under the fifth revision of the EU Anti-Money Laundering Directive (AMLD), which passed May 14. Yet “key players” in the cryptocurrency markets aren’t in the scope of the legislation, “leaving blind spots in the fight against money laundering, terrorist financing and tax evasion,” the July 6 report ...