European Union Lawmakers Overwhelmingly Approve Cryptocurrency Tax Reporting Rule DAC8
Summary:
Lawmakers in the European Union have voted overwhelmingly in favor of DAC8, a cryptocurrency tax reporting rule. The adoption of DAC8 aims to harmonize and regulate the crypto-assets market in the EU. However, critics express concerns about the lack of differentiation from existing regulations and potential issues with duplicate reporting.
Lawmakers in the European Union Parliament have shown overwhelming support for the eighth version of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule. During a plenary session on September 13 in Strasbourg, France, DAC8 received 535 member votes in favor, with only 57 against and 60 abstentions. The adoption of DAC8 aims to harmonize and regulate the crypto-assets market alongside existing regulations. The European Commission proposed the reporting framework in December 2022 to help tax authorities track crypto-asset transactions and prevent tax fraud. The final hurdle has now been cleared, with EU member states having until December 31, 2025 to implement the rules, which will officially come into effect on January 1, 2026. However, critics argue that DAC8 offers little differentiation from existing regulations and may remove oversight from individual member states. There are concerns about the obligation of Reporting Crypto Asset Service Providers to determine the reportability of each transferred crypto-asset, as well as potential issues with duplicate reporting.
Published At
9/13/2023 6:09:52 PM
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