According to Cointelegraph, lawmakers in the European Union parliament voted overwhelmingly in support of the eighth iteration of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule, in a plenary session on Sep. 13. Held in Strasbourg, France, the session reportedly saw DAC8 receive overwhelming support in the form of 535 member votes for and just 57 against. The measure received 60 abstentions as well.
DAC8 is meant to empower tax collectors with the authority to track and assess all cryptocurrency transactions conducted by organizations or individuals within the Union. The Sep. 13 plenary session vote was the final hurdle ahead of DAC8âs passage. Going forward, E.U. member states will have until Dec. 31, 2025 to implement the rules ahead of it officially going into effect on January 1, 2026.
As Cointelegraph previously reported, DAC was approved in May, 2023 after the passage of the Markets in Crypto-Assets (MiCA) legislation. In its current form, DAC8 adheres to the Crypto-Asset Reporting Framework (CARF) and the legislation outlined in MiCA and, ostensibly, covers all E.U.-based cryptocurrency asset transactions. Some DAC8 critics have opined that it contains little to differ itself from CARF and takes oversight ability away from individual member states.
