Council of European Union Adopted DAC8, Crypto Tax Reporting Rule

Council of EU Officially Adopted DAC8, Crypto Tax Reporting Rule

On 17 October, the Council of the European Union officially adopted the eighth version of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule. This regulation will come into effect upon publication in the Official Journal of the European Union. DAC8, which follows the enactment of the Markets in Crypto-Assets (MiCA) legislation, empowers tax authorities to monitor and assess all cryptocurrency transactions within the European Union member states. The directive aligns with the Crypto-Asset Reporting Framework (CARF) and MiCA regulations, encompassing cryptocurrency asset transactions in the European Union. In the United States, efforts are also underway to implement crypto tax collection procedures at pace.