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EU obliges Exchanges and Crypto Asset Service Providers to share their users' tax data
Blockpit DAC8 Solution
- Report all relevant information for taxation purposes in line with the reporting standards of the EU (DAC8) and OECD (CARF)
- Comply with the EU-wide reporting requirements of 27+ member states and their respective regulatory needs
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EU DAC8 Directive – how a European Directive might bring the future all crypto fans want
The EU DAC8 Directive on taxation of crypto assets will legally oblige exchanges and other crypto asset service providers to report their customers’ transactions to EU member states’ authorities. What might sound like a hassle, could prove to be a major step to bringing crypto
FAQ
Any natural person, legal entity or undertaking (i) whose occupation or business is the provision of one or more cryptoasset services to third parties on a professional basis, (ii) that has been authorised within the EU, and (iii) has a registered office in a Member State where they carry out at least part of their crypto-assets services.
Such ‘crypto-asset services’ incude:
(a) the custody and administration of crypto-assets on behalf of third parties;
(b) the operation of a trading platform for crypto-assets;
(c) the exchange of crypto-assets for funds;
(d) the exchange of crypto-assets for other crypto-assets;
(e) the execution of orders for crypto-assets on behalf of third parties;
(f) placing of crypto-assets;
(g) the reception and transmission of orders for crypto-assets on behalf of third parties
(h) providing advice or portfolio managament in cryptoassets;
(j) providing transfer services for crypto-assets on behalf of third partiesFor clarity, CASPs that provide crypto-asset services on a cross-border basis are not required to have a physical presence in the territory of every host Member State.
While MiCA constitutes the legal framework for the regulation of crypto-assets and as a Regulation is directly applicable in the EU member states, DAC8 is primarily intended to regulate the exchange of tax-relevant information between CASPs and national tax authorities and, as a Directive, requires implementation through national laws in each member state.
The term Virtual Asset Service Provider (VASP) is defined by the Financial Action Task Force (FATF) which is an independent inter-governmental body within the OECD that develops and promotes policies to protect the global financial system against money laundering and corruption. The EU is a member of the FATF and implements its regulations.
On the other hand, the term Crypto Asset Service Provider (CASP) is defined in the Markets in Crypto-Assets Regulation (MiCA) and is similar but broader in scope than the definition of a VASP to ensure it covers more use cases of crypto-asset services. Providers of crypto-assets in the EU will be subject to the defintion of CASPs.