The EU Council adopts the DAC8 crypto tax reporting norm.

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The Council of the European Union officially embraced the eighth rendition of the Directive on Administrative Cooperation. This directive, known as DAC8, pertains to cryptocurrency tax reporting and secured formal approval on October 17. Its effectiveness will commence upon publication in the Official Journal of the EU. The genesis of DAC8 traces back to May 2023, following the enactment of the Markets in Crypto-Assets (MiCA) legislation. The appellation “eight” in the revised program signifies its eighth iteration, with each antecedent directive addressing distinct facets of financial oversight. DAC8’s ambition is to confer upon tax collectors the authority to surveil and assess every cryptocurrency transaction conducted by individuals or entities across any EU member state.

In its current form, DAC8 aligns with the Crypto-Asset Reporting Framework (CARF) and the stipulations of MiCA, comprehensively covering all cryptocurrency asset transactions within the European Union. Notably, in September, DAC8 garnered overwhelming support in the European Parliament, amassing 535 affirmative votes against a mere 57 dissents.

Simultaneously, regulators in the United States are fervently pushing for the expeditious implementation of cryptocurrency tax collection procedures. On October 11, seven members of the U.S. Senate implored the Treasury Department and the Internal Revenue Service to expedite a rule mandating specific tax reporting requirements for crypto brokers. They criticized a two-year delay in implementing these reporting requirements, slated to take effect in 2026 for transactions occurring in 2025.

The post The EU Council adopts the DAC8 crypto tax reporting norm. appeared first on BitcoinWorld.

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