The Council of the European Union has officially adopted the eighth iteration of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule. This regulation, which follows the enactment of the Markets in Crypto-Assets (MiCA) legislation, will come into force once it is published in the Official Journal of the EU. DAC8 aims to give tax collectors the authority to monitor and assess all cryptocurrency transactions conducted by individuals or entities within any EU member state. It aligns with the Crypto-Asset Reporting Framework (CARF) and the regulations outlined in MiCA, effectively covering all cryptocurrency asset transactions within the European Union. In the United States, regulators are also pushing for the implementation of crypto tax collection procedures. Seven members of the United States Senate have called on the Treasury Department and Internal Revenue Service (IRS) to expedite a rule that imposes tax reporting requirements for crypto brokers. They criticized the two-year delay in implementing these requirements, which are scheduled to take effect in 2026 for transactions in 2025.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Council of the European Union, United States Senate, Internal Revenue Service (IRS), Markets in Crypto-Assets (MiCA), Crypto-Asset Reporting Framework (CARF), Official Journal of the EU, EU Parliament, Treasury Department |
| Currencies | None |
| Securities | None |
