- Europe is focusing on crypto assets. After the MiCa Regulation, which took a first step towards a harmonized framework for crypto service providers, on October 17, 2023 the European Council tinkered for the seventh time with Directive 2011/16/EU on administrative cooperation in the field of taxation (‘directive on administrative cooperation) in order to also include transactions with crypto assets (also called ‘DAC8’).
- Following the already existing reporting obligations and mandatory automatic exchange of data regarding bank accounts held in a Member State by a resident of another Member State, these rules will now also be extended to crypto assets under DAC8.
- DAC8 must be applied by the Member States from 1 January 2026.
Source Tiberghien
