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Council of Europe adopts DAC8 crypto tax reporting rule

Mike Ring
October 18, 2023

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EU Adopts DAC8 Tax Reporting Rule for Cryptocurrency Transactions

The European Union Council has officially adopted DAC8, a cryptocurrency tax reporting rule, on October 17th. This marks the eighth iteration of the Directive on Administrative Cooperation, and it will take effect following its publication in the Official Journal of the EU. The rule was sanctioned in May of 2023 after the Markets in Crypto-Assets (MiCA) legislation had been passed.

DAC8 is designed to grant tax collectors the authority to monitor and assess any crypto transaction undertaken by individuals or entities within the boundaries of any member state. This revised version of DAC is in accordance with the Crypto-Asset Reporting Framework (CARF) and the regulations set forth by MiCA, ultimately meaning that all crypto asset transactions in the EU will be encompassed.

During the EU Parliament adoption voting, DAC8 received a great majority of the votes- 535 in favor, and 57 against. Even in the United States, regulators are pushing hard to introduce crypto tax collection measures as soon as possible. On October 11th, seven members of the Senate urged the Treasury Department and Internal Revenue Service (IRS) to swiftly move forward with a rule that would create tax reporting requirements for cryptocurrency brokers.

Pros & Cons of DAC8

Pros:
- Provides tax collectors with the power to monitor crypto transactions within EU member states.
- Complies with the Crypto-Asset Reporting Framework and the regulations specified in MiCA.
- Received overwhelming support from the EU Parliament.
- Regulators in the US are pushing hard to implement similar measures.
Cons:
- Two-year delay in implementing crypto tax reporting requirements.

Conclusion

It appears that the implementation of DAC8 will provide a more consistent and reliable way to tax crypto transactions within the EU. Although the US has suffered a two-year delay in introducing similar measures, the Senate is making every effort to speed up the process.

For expert assistance in managing your crypto tax obligations and to experience the peace of mind that comes with precise tax filing, don’t forget to explore our cutting-edge crypto tax preparation service. Your financial clarity and confidence start here.

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