The European Parliament has voted in favour of simplifying tax rules for people involved in occasional or small cryptocurrency transactions.

The non-binding resolution, passed with the backing of 566 out of 705 members, said blockchain technology could be used to automate tax collection.

It also called for use of the technology to fight tax evasion in general.

“Blockchain’s unique features could offer a new way to automate tax collection, limit corruption and better identify ownership of tangible and intangible assets allowing for better taxing mobile taxpayers,” the resolution said. 

“Work must be undertaken to identify the best practices of using technology to improve the analytical capacity of tax administrations.”

Can crypto stablecoins counter Latin American hyperinflation?

Cryptocurrency shorts

S. Daniel Leon, co-founder and chief strategy officer of collapsed crypto lender Celsius Network, has resigned. Former CEO Alex Mashinsky resigned last week among ongoing bankruptcy proceedings.

M31 Capital has launched a new investment fund dedicated to Web3. It has raised $50m to date and will cap the fund at $100m.

Cryptocurrency exchange Coinbase is to expand its services in Australia. On Friday a documentary entitled Coin: A Founder’s Story, giving an inside look at life within the US company over the last three years, will also be released on Amazon Prime, iTunes and YouTube.

Mastercard has launched a new product – ‘Crypto Secure’ – to combat crypto-related crime. Powered by CipherTrace, the software will help banks and card issuers to identify and block fraudulent transactions via crypto exchanges.

Hugo Boss is partnering with Web3 company Imaginary Ones to launch NFTs ‘encouraging everyone to connect with their emotions, and to share a message that all feelings – positive and negative – are valid and should be embraced’.  The 1,001 NTFs with 3D animations will each include one of six characters representing either joy, sadness, fear, anger, love or all five emotions together.

In Crypto: Muse’s Matt Bellamy backs ‘Web3 Wikipedia’ in $40m raise

Crypto prices

The overall market cap of the more than 21,200 coins is at $964 billion at the time of writing (7am UK), a 2.1% increase in the last 24 hours.

For round-ups of recent cryptocurrency news developments, click here.

For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.