Privacy Concerns and Self-Custody Exception

While DAC8 expands reporting obligations significantly, self-custody wallets remain outside the framework's scope, as no intermediary exists to report such transactions. Privacy advocates warn this may push users toward decentralized exchanges and peer-to-peer transactions to circumvent reporting requirements.

Compliance costs pose particular challenges for smaller crypto startups, with industry representatives estimating annual expenses in the high six-figure range for managing DAC8 alongside other regulatory requirements. The directive operates separately from MiCA, which governs market conduct and licensing, while DAC8 focuses exclusively on tax reporting.

#USGDPUpdate #USCryptoStakingTaxReview #USJobsData #BTCVSGOLD #CPIWatch $BTC $ETH $XRP