The European Commission will send formal notices to 12 countries for not fully implementing the EU’s tax reporting rules for digital assets, including Belgium, Bulgaria, Czechia, Estonia, Greece, Spain, and others. Member states have two months to respond and comply with the letter or face further action.

The directive requires member states to adapt to new developments in different markets and effectively tackle tax fraud, evasion, and avoidance by having crypto asset service providers report user and transaction data. The approach aligns with the OECD’s crypto framework.

The European Commission also sent a formal notice to Hungary for not complying with the EU’s Markets in Crypto Assets (MiCA) framework, giving the country two months to respond. Some crypto asset service providers in Hungary have suspended certain services due to an amendment to the law.

Since the EU passed MiCA in 2023, requirements for token issuers and crypto service providers have been implemented gradually. Most companies have until July 1 to comply with all MiCA requirements or cease offering services. Some member states have shortened this compliance window.

Read more at CoinTelegraph: European Commission Calls on 12 Countries to Implement Crypto Tax Rules