EU implements DAC8 directive for automatic crypto information exchange
The European Union has officially implemented the DAC8 directive, which mandates automatic exchange of information about cryptocurrency transactions among member states in direct taxation matters. This represents a critical move toward greater transparency and combating tax evasion.
The directive aims to strengthen oversight of crypto activities and promote the regulation of this financial sector across the EU.
The adoption of DAC8 is expected to significantly hinder the use of cryptocurrencies for income concealment and enhance cooperation among countries in tax enforcement.
