The Council of the European Union formally approved the Directive on Administrative Cooperation (DAC8), an ordinance governing cryptocurrency tax reporting, on October 17.

Upon publication in the Official Journal of the EU, the regulation will become in effect.

Following the passage of the Markets in Crypto-Assets (MiCA) legislation, the DAC was sanctioned in May 2023.

The revised program's name contains the number 8, indicating that it is the eighth iteration, with each earlier version addressing a different facet of financial supervision.

The DAC8 initiative aims to give tax authorities the power to oversee and assess each cryptocurrency transaction made by people or entities inside of any other EU member state.

In its current form, DAC8 complies with the rules outlined in MiCA and the Crypto-Asset Reporting Framework (CARF), effectively covering all cryptocurrency asset transactions within the European Union.

Sources:

https://cointelegraph.com/news/council-of-europe-adopts-dac8-crypto-tax-reporting-rule

https://www.consilium.europa.eu/en/press/press-releases/2023/10/17/council-adopts-directive-to-boost-cooperation-between-national-taxation-authorities-dac8/