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European lawmakers approve crypto tax regulatory initiative

european-lawmakers-approve-crypto-tax-regulatory-initiative
Edited by
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European lawmakers approve crypto tax regulatory initiative

European lawmakers overwhelmingly approved the DAC8 directive, empowering tax authorities to oversee and regulate cryptocurrency transactions within the EU.

On Sept. 13, the proposal got 535 member votes in favor, only 57 against, and 60 abstentions. The DAC8 will enable tax authorities to monitor and regulate all cryptocurrency transactions conducted by individuals and companies within the European Union.

The EU members will have until Dec. 31, 2025, to implement the new regulatory framework. The initiative will go into effect on Jan. 1, 2026.

DAC8 will use the reporting standards under the Crypto-Asset Reporting Framework (CARF) OECD format and operate under the MiCA standards.

The initiative was proposed in December 2022 by the European Commission, creating a reporting framework for crypto-asset service providers towards the transactions that their EU clients do.

EU crypto regulation

The European Union has been actively working towards regulating the crypto sector in recent years. The EU’s efforts aim to establish a uniform crypto regulation across all member states, ensuring consistency and clarity in the industry. One of the key legislative priorities for the EU is implementing the Markets in Crypto-Assets (MiCA) legislation. 

This comprehensive crypto licensing regime is expected to provide a framework for regulating cryptocurrencies and digital assets within the EU. The MiCA legislation has attracted global attention, with other jurisdictions closely observing its implementation and outcomes.

However, the EU’s push for crypto regulation has been challenging. Privacy concerns have emerged as proposed legislation focuses on combating tax evasion and money laundering. Some entities have raised questions about the future of anonymity in the EU, as specific bills aim to track cryptocurrency transactions and impose restrictions on services like cryptocurrency mixers.