Europe’s top court has ruled that bitcoin should not be taxed at exchanges, Bloomberg reports.
The ruling comes after a Swedish court referred a case to the European Court of Justice (ECJ).
There had been fears that the court might rule that bitcoin exchanges should have to pay value-added tax (VAT), pushing up the price of bitcoin in Europe.
An advocate general — a kind of legal advisor to the ECJ — had said in a legal opinion that bitcoin should not be taxed. It recommended that Europe “keep payments with bitcoin out of scope of VAT as bitcoin can be considered a ‘pure payment system,'” tax lawyer Roger van de Berg told Business Insider.
This story is developing…
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