AB's Crypto Tax Reporting Starts in January

European Union's Crypto Tax Reporting Directive

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

Cryptocurrency firms have until July 1 to comply with DAC8 reporting. Firms that do not make the necessary reports by this date may face various penalties.