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Finland classifies Bitcoin as VAT-Exempt financial service – CoinDesk

FXStreet (Barcelona) - The CoinDesk Analysis Team highlights the Finnish Central Board of Taxes’ (CBT) judgement of granting Bitcoin a VAT-exemption after classifying BTC purchases as ‘banking services’ under EU VAT directive.

Key Quotes

“The ruling was issued after a court classified bitcoin as a payment instrument and sets Finland’s approach to the cryptocurrency apart from most European jurisdictions, which generally treat bitcoin as a commodity.”

“While not following the general European Union path on this matter, the Finnish ruling does cite the EU VAT Directive. This seeming contradiction is down to the fact that the EU does not have a joint digital currency framework and therefore existing legislation is open to interpretation by individual nations.”

“The EU has been looking into digital currencies for some time, but apart from several consumer warnings and opinions, its response has been slow and there is still no push for legislative uniformity across the region.”

“Back in March, the European Central Bank (ECB) reiterated its previous position on digital currencies, saying that the new technology should not be ignored or dismissed.”

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