New Rules on Sharing Crypto Tax Data ‘Unanimously Supported’ by EU Members

Officials are optimistic finance ministers will formally agree on laws allowing the sharing of information on crypto and NFT holdings between tax authorities next week.

AccessTimeIconMay 10, 2023 at 1:04 p.m. UTC
Updated May 10, 2023 at 5:24 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

New European Union rules allowing tax authorities to share data on people's crypto holdings have been unanimously supported by the bloc’s member states, meaning formal agreement on the law is likely next week, a senior official has said.

Last year the European Commission proposed to curb tax evasion using crypto via an eighth amendment to the Directive on Administrative Cooperation (DAC8), widening an existing law that is intended to prevent taxpayers from stashing taxable assets in hidden overseas bank accounts.

“EU ambassadors have unanimously supported DAC8, paving the way for an adoption by the ECOFIN next week,” commission official Benjamin Angel tweeted Wednesday, referring to the regular meeting of economic and finance ministers that is due to take place in Brussels on May 16.

Angel is director at the commission’s tax department, responsible for shepherding the bill through to becoming a law.

Another EU official, who asked not to be named, told CoinDesk that, though there had been a “positive spirit” from ambassadors on the measures, they had not been formally agreed, as some governments have not yet received procedural approval from national parliaments.

Under Commission plans unveiled in December, which apply to holdings of crypto and some non-fungible tokens (NFTs), any company with EU clients will have to register in the bloc in order to report digital assets to tax authorities.

It follows a move by the Organization for Economic Cooperation and Development (OECD) intended to crack down on tax evasion via digital assets.

The commission’s tax proposals could have been vetoed by any of the bloc’s 27 member countries, who meet in a grouping known as the EU’s Council. The Council has so far held discussions on the bill largely behind closed doors, and has not yet published a draft of the agreed text.

Edited by Sandali Handagama.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jack Schickler

Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.