EU Implements Comprehensive Crypto Regulations and Tax Reporting Requirements.

The European Council has approved the eighth version of the Directive on Administrative Cooperation (DAC8), which extends tax reporting requirements to include transfers of crypto assets. The new DAC8 adheres to the Crypto-Asset Reporting Framework (CARF) and OECD reporting standards. Crypto asset service providers (CASPs) are required to collect information on crypto asset transfers of any amount to ensure traceability and identify suspicious transactions. DAC8 strengthens the European Union’s Anti-Money Laundering and Countering Terrorism Financing (AML/CFT) rules and proposes the creation of a new European AML body.