EU Commission releases DAC8 Proposal: Crypto assets in the focus and further expansion of automatic exchange of information

On 8 December 2022, the EU Commission adopted a new proposal for a Directive amending the Directive on Administrative Cooperation (2011/16) (also referred to as “DAC8”).

The proposal puts forward:

  • changes to existing provisions on exchanges of information and administrative cooperation; and
  • extends the Directive’s scope to the automatic exchange of information with respect to information reported by reporting crypto-asset service providers. The rules on due diligence procedures, reporting requirements and other rules applicable to reporting crypto-asset service providers are based on the OECD crypto-asset reporting framework (“CARF”).