INATBA members welcome the Directive of Administrative Cooperation (DAC8) and are happy to establish a public position on the most recent amendment to extend the scope of existing rules to cover the exchange of information on crypto-assets across the EU.
The lack of such guidance makes it difficult to detect non-compliant taxpayers and poses risks for tax evasion; a drawback to the European crypto-asset industry. The most recent proposal aims to ensure consistency between OECD and EU rules and reduce administrative burdens for operators providing cross-border crypto asset services.
INATBA members believe that setting specific crypto tax reporting obligations for Crypto Asset Service Providers (CASPs) is a positive step towards integrating crypto-assets into the EU single market. However, we caution policymakers that the industry is still evolving, and CASPs should not be burdened with excessive reporting requirements. In our full review, INATBA members identified several challenges with the current proposal, including the inclusion of undefined ‘Crypto-Asset Operators,’ the unclear classification of reportable crypto-assets, the lack of appropriate definitions for terms like ‘staking’ and ‘lending,’ and more. INATBA members also raised concerns about the potential burden DAC8 may place on small projects and innovation in the EU.
INATBA members look forward to engaging with all relevant stakeholders on the remaining regulatory steps of DAC8. To join our work on this topic or simply get in touch, please email us at email@example.com
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