AB's Crypto Tax Reporting Starts in January

European Union's Crypto Tax Reporting Directive

The European Union is transitioning to a new regulation that requires cryptocurrency service providers to report detailed user and transaction data to national tax authorities starting from January 1. This new regulation aims to close the tax reporting gaps in the crypto economy and provide visibility similar to that of bank accounts and securities through the DAC8 rules.

Cryptocurrency firms have until July 1 to comply with DAC8 reporting requirements. Firms that fail to make the necessary reports by this date may face various penalties.