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EU Increases Taxation on Cryptocurrency, DAC8 Bill Officially Enforced
BlockBeats News, December 25th. The EU's latest Digital Assets Tax Transparency Directive will take effect on January 1st, officially incorporating cryptocurrency activities into the EU's tax reporting system. The directive, named DAC8, requires crypto asset service providers to collect and report detailed information on users and transactions to national tax authorities, who will then share this data among EU member states.
This reform addresses a long-standing loophole where certain parts of the crypto economy previously faced less scrutiny in terms of regulation compared to traditional financial accounts. Under DAC8, tax authorities can now oversee the holding, trading, and transfers of cryptocurrencies with the same level of transparency as bank accounts.
Exchanges, brokers, and other crypto service providers must now treat tax reporting as a core operational requirement rather than a secondary compliance issue. While the directive comes into force on January 1st, businesses have a limited transition period before enforcement begins to adjust their systems.
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