European Parliament Endorses Resolution for DAC8 Transparency Rules for Crypto-Asset Service Providers

The European Parliament Sept. 13 passed European Commission (EC) Legislative Resolution No. P9_TA(2023)0315, for DAC8 to amend EU Directive 2011/16/EU (DAC1) on administrative cooperation in the field of taxation, to implement reporting rules for service providers facilitating digital currency transactions. The resolution includes measures to: 1) apply mandatory automatic exchange of information (AEOI) obligations to “reporting crypto-asset service providers " (RCASPs), to require them to electronically report on the transactions of their EU clients; 2) define RCASPs as including crypto-asset service providers regulated by, and authorized under, EU Regulation, 2023/1114, concerning markets in crypto-assets, and crypto-asset operators that aren’t; 3) ...