The cryptocurrency industry achieves another milestone with the announcement of DAC8

The latest EU tax transparency regulation has sparked intense discussions in the cryptocurrency system. Following this debate, sources indicated that this change is necessary in the industry as it closes a gap that previously left some sectors of the cryptocurrency economy excluded from regular tax reporting.

Therefore, with the introduction of DAC8, authorities are expected to have a clearer understanding of digital assets, trades, and transfers, in the same way they do for bank accounts and stocks.

Meanwhile, it is worth noting that DAC8 collaborates with the EU's Markets in Crypto-Assets (MiCA) regulation but focuses on different sectors. MiCA, which was approved in April 2023, establishes a unified regulatory framework for crypto assets across the EU, focusing on how cryptocurrency companies obtain licenses, protect their customers, and manage their operations within the single market.