European Union finance ministers are aiming to soon finalize a tax information-sharing rule seen as crucial in the bloc’s regulation of crypto assets.
Work on details of the rule is at an advanced stage, making possible “political agreement” by ministers at a May 16 summit, an official from the Council of the EU, who asked not to be named citing institutional policy, told Bloomberg Tax Friday.
- Under DAC8, crypto-asset service providers must report transaction details to tax authorities in EU countries, which will then share the information. DAC8 is scheduled to take effect in 2026.
- The rule mirrors the OECD’s Crypto-Asset Reporting Framework, and uses definitions in the EU’s Markets in Crypto Assets Regulation (MiCA), which the European Parliament approved Thursday. However, DAC8 will also require tax reporting for some crypto-asset categories, such as non-fungible tokens, that aren’t covered by MiCA.
- Although ministers might agree to DAC8 on May 16, under EU procedures they won’t be able to adopt it formally until the European Parliament has approved an opinion on the rule.
- The Parliament’s Economic and Monetary Affairs Committee is to vote in late May on the opinion, which ministers must take into account but aren’t obliged to follow.
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