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European lawmakers overwhelmingly approved the DAC8 directive, empowering tax authorities to oversee and regulate crypto currency 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. You might also like: EU’s MiCA rules could prohibit MEV activities on Ethereum EU crypto regulation T...

Saudi Arabia’s Crown Prince Mohammed bin Salman gave a rousing speech on Sunday talking about the future of the Kingdom. Saudi Arabia recently joined the BRICS alliance, and the oil-rich nation is looking to become the “next Europe”. MBS said in the speech that Arab countries will become bigger than Europe in the next five years. He stressed that the Middle East, including Saudi Arabia, Bahrain, Qatar, the UAE, Oman, Jordan, and Lebanon, among others, will have a robust economy. Also Read: BRICS: What Happens if Saudi Arabia Stops Accepting US Dollar for Oil? MBS said that the next global renaissance will begin in the Middle East and become the next Europe in the coming years. “I believe the Middle East will be the new Europe. In 5 years, Saudi Arabia will be a completely different country.” “I want to see the Middle East on top of the world before I die,” Saudi Arabia’s exclaimed Crown Prince MBS. His speech was met with a s...

The President of France , Emmanuel Macron , cautioned the U.S. and Europe, saying that the world order is changing after the BRICS expansion. Macron warned that the new BRICS alliance could weaken the West and Europe and turn the tides in their favor. He added that the global financial situation is getting “tougher” as BRICS countries become more “complex” to trade with. Also Read: US & Europe To Pay in Local Currencies For Oil After BRICS Expansion? The latest BRICS expansion runs the risk of “weakening the West and Europe in particular”, said Macron to French Ambassadors in Paris. “Our international order is being challenged,” he said referring to BRICS using local currencies for trade settlement. BRICS Expansion Could Dethrone the US & Europe, Warns France’s Macron Source: Teresa Suarez, AFP France settled an LNG gas trade with China in March by paying the Chinese Yuan and not the US dollar. BRICS members China, Russia, and In...