Updated EU Tax Directive Requires Reporting of All Transfers of Crypto Assets
DAC8 extends tax reporting procedures to crypto transfers in accordance with the OECD crypto reporting framework and EU AML rules.
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The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto-assets. This is the eighth version of the Administrative Cooperation Directive (DAC), which is a set of procedures for the automatic sharing of information between European governments for tax purposes.
DAC8 was proposed in December and approved on May 16 after the adoption of Markets in Crypto-Assets (MiCA) because it depends on the definitions established in this legislation. The new CAD adheres to the Crypto-Asset Reporting Framework (CARF) and changes to reporting standards published by the Organization for Economic Co-operation and Development (OECD) in October under a G20 mandate.
Related: What's next for the EU crypto industry as European Parliament passes MiCA?
DAC8 requires crypto-asset service providers (CASPs) to collect information about crypto-asset transfers of any amount to provide traceability and identify suspicious transactions. It strengthens the European Union's anti-money laundering and terrorist financing (AML/CFT) rules and proposes the creation of a new European anti-money laundering body. The p...
DAC8 extends tax reporting procedures to crypto transfers in accordance with the OECD crypto reporting framework and EU AML rules.
News
Join us on social networks
The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto-assets. This is the eighth version of the Administrative Cooperation Directive (DAC), which is a set of procedures for the automatic sharing of information between European governments for tax purposes.
DAC8 was proposed in December and approved on May 16 after the adoption of Markets in Crypto-Assets (MiCA) because it depends on the definitions established in this legislation. The new CAD adheres to the Crypto-Asset Reporting Framework (CARF) and changes to reporting standards published by the Organization for Economic Co-operation and Development (OECD) in October under a G20 mandate.
Related: What's next for the EU crypto industry as European Parliament passes MiCA?
DAC8 requires crypto-asset service providers (CASPs) to collect information about crypto-asset transfers of any amount to provide traceability and identify suspicious transactions. It strengthens the European Union's anti-money laundering and terrorist financing (AML/CFT) rules and proposes the creation of a new European anti-money laundering body. The p...
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