Europeans Favor National Cryptocurrency Regulation: Survey

EU citizens are getting around to crypto regulation, with several respondents noting that they would prefer national regulation of the nascent industry to an EU intervention.

Free from the European Union

A recent survey has shown that more European citizens would like their countries’ financial regulators to provide more clarity on digital assets sooner rather than later.

The survey in question was conducted by Redfield & Wilton Strategies – a Market research company based in London. The company took responses from citizens in 12 European countries, including France, Germany, Greece, Estonia, Italy, and Lithuania.

The survey also sought to gauge public opinions about a possible national digital currency and the prospects of crypto regulations across the continent.

Among the countries, respondents from Italy showed the highest support for a state-backed digital currency, with 41% of respondents giving the green light. Greece followed this with 40% and Estonia with 39%.

The Netherlands had the highest number of respondents against this plan, with 37% clearly against the idea as opposed to 18% in favor.

Interestingly, the survey also showed that most respondents would prefer their countries to develop cryptocurrency regulations instead of waiting on the European Union.

Since September 2020, the European Commission has been working towards providing a uniform approach to crypto regulations across the continent. In a regulatory proposal titled “Markets in Crypto Assets,” the agency explained that it had seen the need to ensure closer crypto regulations across Europe.

The European Commission based its approach on two reasons. The first was to prevent the rise of fragmented regulations across European countries, while the second was to stem the rising tide of stablecoins.

So far, the proposal has been subject to intense debates, with several bodies raising concerns over its implications for growth in the crypto market and beyond. However, this latest poll could serve as a signal that the region is ripe for crypto regulation.

Slovenia’s New Crypto Tax Revamp

Some countries have already begun taking bold steps towards regulating the highly volatile asset class. Earlier this week, the Financial Administration of the Republic of Slovenia (FURS) reportedly began considering imposing a 10% taxable income fee on crypto earnings.

Local news sources stated that the current taxation scheme in Slovenia involves the agency analyzing citizens’ digital asset activities on a case-by-case basis, even as far as examining their transactions. But, with a proportional taxation system, the agency can now streamline the process and focus only on crypto-based purchases as well as crypto-fiat conversions. Using these parameters, individuals will have to pay a 10% tax rate on their crypto earnings.

“We would like to emphasize that it is not profit which would be taxed but rather the amount a Slovenian tax resident receives on their bank account on turning the virtual currency into cash or when buying a thing,” the report added.

While the tax rate is yet to take hold, regulators and policymakers are probably already discussing the possibility.

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