The European Parliament overwhelmingly approves an eighth iteration of the Directive on Administrative Cooperation (DAC8) for tax reporting requirements for crypto transactions.
This will help tax authorities to more easily track and assess cryptocurrency transactions within EU member states.
DAC8 aligns with the existing Crypto-Asset Reporting Framework (CARF) and the legislation outlined in MiCA, providing comprehensive coverage for cryptocurrency assets in the EU.
However, some critics claim that it is not much different from CARF and reduces the oversight authority of individual member state governments.
They worry that there will be too much inconsistency in interpretation of the new rules and that a lack of coherence may reduce the effectiveness and efficiency of the system.
The EU leads in Crypto Regulation The European Parliament votes overwhelmingly in favor of implementing the new tax rule by an overwhelming margin.
It follows the approval of the Markets in Crypto Asset legislation in May 2023, which aims to counter the wild west mentality prevalent in the digital assets space.
The rules will
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