The taxman cometh in Europe.
Related:DAC8 requires crypto asset service providers 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 rules and proposes the creation of a new European AML body.
The proposed regulation further explains:"The information should be submitted in a secure manner and in advance of, or simultaneously or concurrently with, the transfer of crypto-assets.” In addition to the new requirements for CASPs, DAC8 includes new reporting rules relating to high-income individuals and tougher requirements for communicating Tax Identification Numbers.
We welcome the political agreement reached by EU Finance Ministers today on new tax transparency rules on the crypto-asset sector. The Directive will improve EU countries' ability to detect and counter tax fraud, tax evasion and tax avoidance.
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