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EU Finance Ministers Approve DAC8 Directive For Cryptocurrency Companies
According to Foresight News, EU finance ministers have officially approved the Administrative Cooperation Directive 8 (DAC8), which requires cryptocurrency companies to report their clients' holdings and share this information with tax authorities. The directive has been published in the EU Official Journal and will come into effect in 20 days.
The DAC8's legal provisions for cryptocurrencies supplement the anti-money laundering rules under the Market in Crypto Assets (MiCA) and Transfer of Funds (TFR) regulations. It requires all crypto asset service providers located in the EU, regardless of their size, to report transactions of clients residing in the EU. This will enhance the ability of member states to detect and combat tax fraud, tax evasion, and tax avoidance. The scope of the directive has also been expanded to include financial institutions dealing with electronic currencies and central bank digital currencies (CBDCs).
The DAC8's legal provisions for cryptocurrencies supplement the anti-money laundering rules under the Market in Crypto Assets (MiCA) and Transfer of Funds (TFR) regulations. It requires all crypto asset service providers located in the EU, regardless of their size, to report transactions of clients residing in the EU. This will enhance the ability of member states to detect and combat tax fraud, tax evasion, and tax avoidance. The scope of the directive has also been expanded to include financial institutions dealing with electronic currencies and central bank digital currencies (CBDCs).
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