The EU is set to implement DAC8 for crypto tax transparency, requiring exchanges to report detailed user and transaction data starting 1 January 2026. DAC8 aims to prevent tax evasion by providing authorities with visibility over crypto holdings and transfers, applying to all EU crypto service providers and residents. CBDCs and certain tokens are excluded.

DAC8 involves automatic exchange of information between EU states and applies to global platforms serving EU residents. With 75 jurisdictions endorsing the OECD’s reporting framework, similar requirements may emerge worldwide. Some users express concerns, calling DAC8 regulations abusive and dystopian, prompting recommendations to switch to non-EU Web3 banks for privacy.

Read more at Yahoo Finance: Is DAC8 A Crackdown On Crypto?