On Sept. 13, the European Parliament endorsed a new cryptocurrency tax reporting rule, known as the Directive on Administrative Cooperation (DAC8), with a large majority of 535 votes in favor and only 57 against.
Heads up: The European Parliament plenary adoption of the #DAC8 is happening today📣
What are your thoughts on the DAC8 adoption? pic.twitter.com/YRFZSBJYwp
— European Crypto Initiative (@EuCInitiative) September 13, 2023
There were also 60 abstentions in the plenary session, which took place in Strasbourg, France.
DAC8 aims to give tax authorities the power to monitor and tax all cryptocurrency transactions made by organizations or individuals within the EU member states.
The rule is the eighth version of the Directive on Administrative Cooperation, which is a framework for exchanging tax information among EU countries.