On 16 May 2023, the EU Finance Ministers, at a meeting of the ECOFIN (Economic and Financial Affairs Council) held by the Council of the EU, reached an agreement with regards to amending DAC 8, the EU Directive for administrative cooperation implementing OECD rules on reporting for crypto assets and amendments to the CRS (Common Reporting Standard).

The amendments impose reporting requirements on transactions by institutions that offer crypto-asset services or electronic money services to customers in the European Union, as of 2026.

They also extend the rules regarding automatic exchange of information to exchanging advance cross-border rulings to those concerning natural persons in certain situations and introduces the possibility of exchanging information received under the DAC framework for non-tax-related purposes.

The Directive is expected to be adopted in June, Member States will have until December 31st, 2025, to transpose the main rules into national law, and it will apply as of January 1st, 2026, with some exceptions.

June 1st 2023.