Ethereum

European lawmakers overwhelmingly approved the DAC8 directive, empowering tax authorities to oversee and regulate cryptocurrency transactions within the EU. 
On Sept. 13, the <a href="https://news.bloomberglaw.com/crypto/eu-crypto-tax-reporting-rule-clears-final-hurdle-to-passage" data-type="link" data-id="https://news.bloomberglaw.com/crypto/eu-crypto-tax-reporting-rule-clears-final-hurdle-to-passage" target="_blank" rel="noopener noreferrer nofollow">proposal</a> got 535 member votes in favor, only 57 against, and 60 abstentions. The DAC8 will enable tax authorities to monitor and regulate all cryptocurrency transactions conducted by individuals and companies within the European Union. 
The EU members will have until Dec. 31, 2025, to implement the new regulatory framework. The initiative will go into effect on Jan. 1, 2026. 
DAC8 will use the reporting standards under the Crypto-Asset Reporting Framework (CARF) OECD format and operate under the MiCA standards. 
The initiative was proposed in December 2022 by the European Commission, creating a reporting framework for crypto-asset service providers towards the transactions that their EU clients do. 
 You might also like: <a href="https://crypto.news/eus-mica-rules-could-prohibit-mev-activities-on-ethereum/" rel="noopener noreferrer nofollow"> EU’s MiCA rules could prohibit MEV activities on Ethereum </a> 
<h2 class="wp-block-heading" id="eu-crypto-regulation">EU crypto regulation</h2> 
The <a href="https://crypto.news/european-unions-action-plan-on-digital-energy-might-affect-crypto-mining/" data-type="link" data-id="https://crypto.news/european-unions-action-plan-on-digital-energy-might-affect-crypto-mining/" rel="noopener noreferrer nofollow">European Union</a> has been actively working towards regulating the crypto sector in recent years. The EU’s efforts aim to establish a uniform crypto regulation across all member states, ensuring consistency and clarity in the industry. One of the key legislative priorities for the EU is implementing the Markets in Crypto-Assets (<a href="https://crypto.news/mica-explained-what-does-the-eus-first-crypto-regulation-mean-for-the-industry/" data-type="link" data-id="https://crypto.news/mica-explained-what-does-the-eus-first-crypto-regulation-mean-for-the-industry/" rel="noopener noreferrer nofollow">MiCA</a>) legislation.&nbsp; 
This comprehensive crypto licensing regime is expected to provide a framework for regulating cryptocurrencies and digital assets within the EU. The <a href="https://crypto.news/eu-mica-crypto-regulatory-framework-approved/" data-type="link" data-id="https://crypto.news/eu-mica-crypto-regulatory-framework-approved/" rel="noopener noreferrer nofollow">MiCA</a> legislation has attracted global attention, with other jurisdictions closely observing its implementation and outcomes. 
However, the EU’s push for crypto regulation has been challenging. Privacy concerns have emerged as proposed legislation focuses on combating tax evasion and money laundering. Some entities <a href="https://crypto.news/mica-explained-what-does-the-eus-first-crypto-regulation-mean-for-the-industry/" data-type="link" data-id="https://crypto.news/mica-explained-what-does-the-eus-first-crypto-regulation-mean-for-the-industry/" rel="noopener noreferrer nofollow">have raised</a> questions about the future of anonymity in the EU, as specific bills aim to track cryptocurrency transactions and impose restrictions on services like cryptocurrency mixers. 
 You might also like: <a href="https://crypto.news/mica-explained-what-does-the-eus-first-crypto-regulation-mean-for-the-industry/" rel="noopener noreferrer nofollow"> MiCA explained: What does the EU’s first crypto regulation mean for the industry? </a>

European lawmakers approve crypto tax regulatory initiative

Table of Contents

crypto.news

Other articles published on Sep 14, 2023

DOGE and SHIB Price Analysis for September 14

Phishing attack on software firm Retool enabled Fortress Trust hack: CoinDesk

Bitcoin Wallet Activity Soars Amid Price Lull: What’s Behind the Paradox?

Crypto.com Collaborates with Leading Universities for APAC Hackathon Initiative

Stoner Cats NFTs 'fan crowdfunding' not securities: SEC's Peirce, Uyeda

MENA Web3 and Blockchain Venture Capital Landscape: Insights from Juliet Su of NewTribe Capital

Join our free newsletter for daily crypto updates!