European lawmakers approve crypto tax regulatory initiative
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...