Council of the EU adopts DAC8 crypto tax reporting rule By Cointelegraph
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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 force after publication in the Official Journal of the EU.
The DAC was sanctioned in May 2023 following the enactment of the Markets in Crypto-Assets (MiCA) legislation. The inclusion of the number eight in the revised program’s name indicates that it is the eighth version, with each previous directive dealing with distinct aspects of financial supervision. DAC8 aims to grant tax collectors the jurisdiction to monitor and evaluate every cryptocurrency transaction carried out by individuals or entities within any other member state of the EU.
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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 force after publication in the Official Journal of the EU.
The DAC was sanctioned in May 2023 following the enactment of the Markets in Crypto-Assets (MiCA) legislation. The inclusion of the number eight in the revised program’s name indicates that it is the eighth version, with each previous directive dealing with distinct aspects of financial supervision. DAC8 aims to grant tax collectors the jurisdiction to monitor and evaluate every cryptocurrency transaction carried out by individuals or entities within any other member state of the EU.
Continue Reading on Cointelegraph
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