DAC 8 – Crypto-assets And Digital Currency

The European Commission has to address the growing emergence of alternative means of payment and investment, particularly through crypto-assets and virtual currency. It also recognises the impact of these new phenomena on the fight against fraud and tax evasion. As a result, on 8 December the Commission presented a proposal for a Directive ("DAC 8") that will amend for the eighth time the Directive on administrative cooperation in the field of taxation (Directive 2011/16/EU).

The specific characteristics of crypto-assets make the role played by the tax authorities of the Member States of the European Union difficult when it comes to collecting, controlling and monitoring information on their transactions and the traceability of their players.