The Council of the European Union has formally adopted the eighth iteration of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule. This regulation, enacted following the Markets in Crypto-Assets (MiCA) legislation, grants tax authorities the jurisdiction to monitor and assess cryptocurrency transactions within the EU.
A Comprehensive Framework
DAC8 aligns with the Crypto-Asset Reporting Framework (CARF) and MiCA regulations, encompassing all cryptocurrency asset transactions in the EU.
DAC8 received strong support in the European Parliament, with 535 votes in favor and 57 against.
U.S. Push for Crypto Tax Reporting
The United States is also actively working on implementing crypto tax collection procedures. Seven U.S. senators recently urged the Treasury Department and the Internal Revenue Service to expedite tax reporting requirements for crypto brokers.