Of course, here is a detailed and precise reformulation of the text you provided:

🇪🇺 The European Union has recently adopted new regulations concerning the sharing of tax data relating to cryptocurrencies.

These regulations are officially referred to as the "Eighth Administrative Cooperation Directive" (ACD8). They impose an obligation on companies operating in the cryptocurrency field to declare the assets held by their customers, with the aim of enabling this information to be shared with tax authorities.

The initiative to implement these rules was launched the previous year, with the main aim of preventing financial assets from being hidden abroad.

https://www.coindesk.com/policy/2023/10/17/eu-formally-agrees-on-new-crypto-tax-data-sharing-rules/