COINOTAG News reports that the EU’s Digital Assets Tax Transparency Directive, known as DAC8, takes effect on January 1 and formally integrates cryptocurrency activities into the union’s tax reporting framework. The measure requires crypto asset service providers to collect and report detailed information on users and transactions to national tax authorities, who will then share data across EU member states to close regulatory gaps.
Under DAC8, exchanges, brokers, and other platforms must treat tax reporting as a core operational requirement rather than a secondary compliance task. The directive extends transparency for holding, trading, and transfers of cryptocurrencies to match the standards applied to traditional bank accounts, enabling tax authorities to monitor activity with greater consistency across the bloc.
Although enforcement follows a limited transition period, firms should align data feeds and record-keeping to the new standards to ensure seamless reporting and minimal disruption for compliant platforms within the EU ecosystem.
Source: https://en.coinotag.com/breakingnews/eus-dac8-takes-effect-january-1-crypto-asset-service-providers-required-to-report-user-data-and-transactions-across-eu-member-states
