In the corridors of Brussels, the whisper has become a confession: yes, the EU has fallen behind on crypto regulation. The European barons know this, and the atmosphere is growing heavy. Between the lag of the member states and the slow implementation of the MiCA framework, patience is wearing thin. Behind the muted press releases, a message emerges: action must be taken, and quickly. Because the longer the Union delays, the more the crypto ecosystem gains ground, sometimes far from community safeguards.
Apart from the fact that the EU recently brandished its bazooka against the USA lately, it should also be noted that the European Commission has decided to raise its voice. Twelve member states, including Belgium, Spain, Greece, and the Netherlands, are now in the crosshairs. Their fault? Not having transposed in time Directive (EU) 2023/2226, a crucial text requiring crypto platforms and providers to report transactions and the identities of their clients.
The goal is clear: increase tax transparency and fight tax evasion in a market that has become sprawling. This directive, inspired by the OECD model, marks a decisive step towards harmonized crypto taxation.
In its official statement, the European Commission specifies that member states have two months to notify the measures fully transposing the directive. After this period, it reserves the right to issue a reasoned opinion to initiate formal proceedings against the countries concerned.
In other words, the EU’s legal machinery is about to get moving. This is no longer a symbolic threat: it is a collective formal notice. Brussels wants to prevent some states from turning their slowness into a competitive advantage to attract reluctant crypto companies.
The EU is now trying to build a coherent architecture between MiCA, the flagship regulation of crypto markets, and the new tax framework. One regulates, the other collects: together, they form the two legs of the European project for financial sovereignty.
Since 2023, MiCA sets the rules of the game: mandatory registration of token issuers, reserve obligations for stablecoins, and regulation of service providers. At the same time, the tax directive imposes automated reporting between national administrations.
In practice, this means that crypto companies operating in one country will have to report to all 27. A model inspired by international banking cooperation, applied to the digital world.
The Commission stresses this in its January infringement package:
The rapid and complete implementation of the directive rules by all member states is essential to enhance tax transparency and combat fraud, evasion, and avoidance regarding investment income.
Behind the technicality of the text lies a major political issue: to restore to Europe a common fiscal power capable of competing with the United States and their Web3 giants.
Hungary stands out as an exception — or a warning. By amending its national crypto law, Budapest imposed a “criminal authorization” regime for certain platforms. The result: several actors suspended their services, denouncing an overly repressive framework.
For Brussels, this law is a direct violation of the MiCA regulation, which provides for uniform application throughout the Union’s territory. The Commission’s message is blunt: no national initiative should contradict the logic of the single market.
This episode illustrates a persistent divide between “cautious” states and more interventionist ones. Yet the issue goes beyond mere regulation: it is about preserving the coherence of the European bloc in the face of rising financial risks and global competition.
If the EU tightens the screws on crypto regulation, it is also to prepare the ground for its own monetary innovation. The digital euro project is advancing quietly, seen by central bankers as a strategic shield against geopolitical tensions. Tomorrow, this digital currency could become Europe’s soft economic weapon, capable of ensuring its resilience against global crises — a logical extension of the pursuit of financial autonomy begun with crypto regulation.
