![]() However, given the ever-growing popularity of digital asset trading and business, governments are eager to create more transparent tax frameworks that reduce confusion and help to fight tax evasion. This week’s EU resolution is more of a “work to achieve” guideline rather than an attempt to set definite rules. From there, individual national parliaments would each have to legislate to adopt any new laws. The European Parliament itself cannot initiate legislation, but instead adopts certain resolutions to present to the European Commission, which would need to approve it before a formal vote happens. It passed with 566 votes in favor, seven against, and 47 abstentions in a plenary session this week. The resolution was drafted by Portuguese MEP Lídia Pereira of the European People’s Party (EPP) group. If transactions are moved to separate “side chains” or payment networks, as is necessary for BTC to function as a payments network, it would be more difficult for tax authorities to keep records of every transaction and thus to automate any taxation processes. It also puts the focus back on the importance of keeping records on chain. It would be best to use a blockchain capable of running additional functions on either the base or separate contract layers to do this efficiently-BSV does this best thanks to its ability to process large (actually unbounded) amounts of data. This works in accordance with Bitcoin’s principle of “ triple-entry accounting,” in which the blockchain adds a third definite (and unalterable) record to standard double-entry account keeping. The EU’s call to leverage blockchain technology to streamline tax collection is interesting. Calling this “leveraging the blockchain for better tax collection,” it recommended further research into providing analytical capacity to tax collection agencies and for national bodies to continue modernizing their approaches to digital assets.Īdditionally, the draft recommended that EU members’ national tax agencies work to unify their own definitions for digital asset taxation and add digital assets to the exchange of information framework in the Union’s directive on administrative cooperation. Blockchain networks themselves have features that could automate tax collection, identify owners, and reduce corruption, it said. It also said member states’ national administrations should use all available instruments to enable efficient taxation methods for digital assets. However, it asked the European Commission to specifically examine this point and identify other possible issues (e.g., in which country a cross-border payment should be taxed). The European resolution calls for a “clear and broadly accepted definition of crypto assets and for a coherent definition of what would constitute a taxable event.” It recommended that any conversion between digital assets and national fiat currency would be the best definition of such an event. However, there are frequent complaints about the clarity of rules, differing rules between states/nations, and which authorities have jurisdiction over different aspects of the digital asset world. Digital asset users and traders have long accepted taxation as a reality. It echoes recent moves in the United States Congress to create a uniform and simple rules for taxation of digital asset transactions, such as the Responsible Financial Innovation Act. MEPs has adopted a non-binding resolution that could eventually see uniform rules for the evaluation and taxation of digital assets across EU member states, and use blockchain features to develop more efficient methods to combat tax evasion. Shown above are the settings I used to create the below render.The European Parliament is calling for clearer definitions and a simplified tax structure for dealing with digital assets. The farther apart the swatches are the bigger and more irregularly shaped the stars will be. Adjusting the color swatches on the Color Ramp will change the size and shape of the stars. Higher value will mean more irregularly shaped stars, but there will be a greater variation in the brightness of the stars. This will adjust the shape and variation in brightness in the stars. Higher scale means more, smaller stars smaller scale means less, larger stars. This controls the size and amount of stars. You can then adjust the Color Ramp and Noise Texture how you would like to create the desired starry effect. Plug the Fac of the noise texture into the Color Ramp, and the Color of the Color Ramp into the Color of the default Background shader. Then add a Noise Texture node and a Color Ramp node. First you need to jump over the the Node Editor view, then select Shader Nodes and World.
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