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<div class="cryptonews"> 
 <p class="is-style-lead">European <a rel="dofollow" title="lawmakers" href="https://thebittimes.com/tag/lawmakers.html">lawmakers</a> overwhelmingly approved the DAC8 directive, empowering tax authorities to oversee and regulate <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency transactions within the EU.</p> 
 <p>On Sept. 13, the proposal 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.</p> 
 <p>The EU members will have until Dec. 31, 2025, to implement the new <a rel="dofollow" title="regulatory" href="https://thebittimes.com/tag/regulatory.html">regulatory</a> framework. The <a rel="dofollow" title="initiative" href="https://thebittimes.com/tag/initiative.html">initiative</a> will go into effect on Jan. 1, 2026.</p> 
 <p>DAC8 will use the reporting standards under the Crypto-Asset Reporting Framework (CARF) OECD format and operate under the MiCA standards.</p> 
 <p>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.</p> 
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 <h2 class="wp-block-heading" id="eu-crypto-regulation">EU crypto regulation</h2> 
 <p>The European Union 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 (MiCA) legislation.&nbsp;</p> 
 <p>This comprehensive <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> licensing regime is expected to provide a framework for regulating <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies and digital assets within the EU. The MiCA legislation has attracted global attention, with other jurisdictions closely observing its implementation and outcomes.</p> 
 <p>However, the EU’s push for <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> regulation has been challenging. Privacy concerns have emerged as proposed legislation focuses on combating tax evasion and money laundering. Some entities have raised questions about the future of anonymity in the EU, as specific bills aim to track <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency transactions and impose restrictions on services like <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency mixers.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> MiCA explained: What does the EU’s first crypto regulation mean for the industry? 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/european-lawmakers-approve-crypto-tax-regulatory-initiative-tbt62754.html">https://thebittimes.com/european-lawmakers-approve-crypto-tax-regulatory-initiative-tbt62754.html</a></p>

European lawmakers approve crypto tax regulatory initiative

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