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Public Metaverse Author: Kristina Dosen
On December 8, 2022, the European Commission presented its proposal for the new tax transparency law, called DAC 8. This law, which supplements the MiCa crypto-asset regulation, would require all service providers facilitating crypto-asset transactions for EU customers to report crypto transactions of EU clients. DAC 8 would cover both domestic and cross-border transactions, and in some cases, it would also cover nonfungible tokens. Financial institutions would be required to report on e-money and central bank digital currencies.
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Content accuracy validation date: 23.12.2022
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Reportable users (i.e., those who use the service providers for trading and exchanging their crypto assets) would be identified through the use of self-certification. The information gathered would be reported to the relevant competent authority of a member state no later than 31 January of the calendar year following the reportable transaction.The competent authority that has received the information from the reporting crypto asset service provider would have to communicate it to the competent authority of the member state where the reportable crypto asset user is a resident.

The automatic exchange of information would take place electronically via the EU common communication network (CCN) by using an XML schema developed by the European Commission. This network is already used for the automatic exchange of information on advance cross-border tax rulings and cross-border arrangements.

 

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