The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto assets. This is the eighth version of the Directive on Administrative Cooperation (DAC), which is a set of procedures for automatic information sharing between European governments for tax purposes.
DAC8 was proposed in December and approved on May 16 after the passage of Markets in Crypto-Assets (MiCA) since it depends on definitions established in that legislation. The new DAC adheres to the Crypto-Asset Reporting Framework (CARF) and amendments to reporting standards published by the Organisation for Economic Cooperation and Development (OECD) in October under a G20 mandate.
Related: What’s next for EU’s crypto industry as European Parliament passes MiCA?
DAC8 requires crypto asset service providers (CASPs) to collect information on crypto asset transfers of any amount to ensure traceability and identify suspicious transactions. It 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. The proposed regulation requires that CASPs:
“Ensure that transfers of crypto-assets are accompanied by the name of the beneficiary, the beneficiary’s distributed ledger address, in cases where a transfer of crypto-assets is registered on a network using DLT or similar technology, [and] the beneficiary’s account number, in cases where such an account exists.”
The proposed regulati
Go to Source to See Full Article
Author: Derek Andersen
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
