EU Agrees New Rules for Exchange of Crypto Tax Data
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Oct. 19, 2023

Crypto companies operating in the EU will be obliged to inform tax authorities about clients' assets, CoinDesk has reported.

It should be noted that this requirement will come into force 20 days after the publication of the document in the EU Official Journal.

The bloc has made this decision after the economic bloc's finance ministers approved the rules for the exchange of information on crypto assets of individuals.

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The initiative emerged last year in an attempt to block the use of foreign services and has received unanimous support from EU member states. This will be implemented within the framework of the eighth Directive on Administrative Cooperation (DAC8) under development.

The draft regulation was published by the media in May. This showed the authorities' desire to cover a wide variety of digital assets with fiscal oversight, including stablecoins, NFTs, DeFi tokens and staking.

The Commission said in a statement released on Tuesday:

"The directive will improve Member States' ability to detect and combat tax fraud, avoidance and evasion, by requiring all EU-based crypto-asset service providers, regardless of their size, that they report transactions from customers residing in the EU."

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