European Union lawmakers have reached a consensus to proceed with the contentious European Data Act, which has faced objections from the crypto community in the past. EU lawmakers have approved the European Data Act, despite opposition from the crypto community.
The act seeks to promote the utilization of data for algorithm training and would incorporate a kill switch option for smart contracts to ensure secure termination, which goes against the core concept of trust in such contracts.
In a separate development, the European Commission has presented a legislative roadmap to establish a digital euro as a widely accepted and easily obtainable payment method. The proposal highlights the importance of granting individuals the ability to acquire digital euros through their banks upon request, ensuring accessibility and preventing exclusion.
Additionally, the plan encompasses provisions for essential digital euro services, safeguarding privacy, and enabling offline payments.
However, the crypto landscape in Europe isn’t entirely bleak, particularly at the local level. As an illustration, the National Council of Slovakia has passed an amendment that will reduce the personal income tax imposed on profits generated from the sale of cryptocurrencies held by individuals for at least one year.
The tax rate will be lowered to 7%, a notable decrease from the existing progressive taxation system of either 19% or 25%. Furthermore, cryptocurrency earnings up to 2,400 euros ($2,600) will not be subject to taxation.