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Updated European tax directive requires reporting on all crypto asset transfers

The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto assets. This is the eighth version of the Directive on Administrative Cooperation (DAC), which is a set of procedures for automatic information sharing between European governments for tax purposes.

DAC8 was proposed in December and approved on May 16 after the passage of Markets in Crypto-Assets (MiCA) since it depends on definitions established in that legislation. The new DAC adheres to the Crypto-Asset Reporting Framework (CARF) and amendments to reporting standards published by the Organisation for Economic Cooperation and Development (OECD) in October under a G20 mandate.

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