European Parliament votes in favour of DAC8

The European Parliament has voted in favor of DAC8, the updated tax reporting rules for digital assets aimed at facilitating automatic exchange of information on digital assets among EU tax authorities.

The eighth version of the DAC (previous directives pertained to various aspects of financial oversight) introduces requirements for tax reporting on digital asset transactions. It aims to provide tax authorities with necessary tools to monitor and assess transactions involving digital assets conducted by individuals and organizations within the EU.

Under the new rules, providers of crypto asset-related services (CASP) are mandated to gather information on digital asset transfers of any amount to ensure traceability and detect suspicious transactions. This strengthens the EU’s anti-money laundering and counter-terrorism financing rules and envisions the establishment of a new European authority to counter money laundering. DAC8 also introduces new reporting rules for high-income individuals and stricter requirements for taxpayer identification number exchange.

The updated system aligns with the Crypto Asset Reporting Framework (CARF), offering standardized tax reporting on digital asset transactions, alongside amendments to reporting standards published by the OECD.

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