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ARTICLE · 19 MAY 2023

DAC8: EU Extends Administrative Cooperation To Crypto-assets

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On 8 December 2022, the EU Commission adopted a new proposal for a Directive, the so-called "DAC8" (hereafter referred to as the "DAC8 Proposal" or "the Proposal")...

European UnionTechnology
Oliver R. Hoor
Oliver R. Hoor

OUR INSIGHTS AT A GLANCE

  • On 8 December 2022, the EU Commission adopted a new proposal for a Directive, also referred to as DAC8, amending the Directive on Administrative Cooperation.
  • The DAC8 proposal puts forward changes to existing provisions on exchanges of information and administrative cooperation and extends the DAC's scope, among others, to the automatic exchange of information with respect to information reported by reporting crypto-asset service providers.
  • The proposal also widens the scope of automatic exchange of advance cross-border rulings and advance pricing agreements for persons other than natural persons to include high-net-worth individuals who hold a minimum of EUR 1 000 000 in financial or investable wealth or assets under management, excluding that individual's main private residence.

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