Council of the EU adopts DAC8 crypto tax reporting rule

The eighth iteration of the Directive on Administrative Cooperation (DAC8) — a cryptocurrency tax reporting rule — was formally adopted by the Council of the European Union on Oct. 17. The regulation will enter into pressure after publication within the Official Journal of the EU.

The DAC was sanctioned in Might 2023 following the enactment of the Markets in Crypto-Property (MiCA) laws. The inclusion of the quantity eight within the revised program’s identify signifies that it’s the eighth model, with every earlier directive coping with distinct features of monetary supervision. DAC8 goals to grant tax collectors the jurisdiction to watch and consider each cryptocurrency transaction carried out by people or entities inside another member state of the EU.

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