Once the EU's anti-tax policy is truly implemented, how much of a blow will it deal to the entire blockchain ecosystem? Many industry insiders are beginning to worry that this could be the last straw that breaks the camel's back.

Simply put, what does higher tax costs mean? Operating costs for exchanges will rise, and user trading fees will follow suit. The yields of DeFi protocols will be eroded, and the attractiveness of staking and liquidity mining will decline sharply. The profit margins for miners and validators will be squeezed, and some small to medium participants may gradually exit the market.

What’s more concerning is that Europe used to be an important ecosystem for global crypto assets. If the tax environment worsens, developers, project teams, and institutional investors may shift their focus to Asia or other regions. Talent outflow, project migration, liquidity drying up—the chain reaction will become apparent very quickly.

Of course, there is also some buffer. Technological innovation, cross-chain solutions, and breakthroughs in new application scenarios could open up new imaginative spaces. But during this period of policy pressure, market sentiment will definitely decline first.