Cyprus:
Reporting Obligations On Crypto-Asset Transactions Under DAC 8
10 August 2023
Elias Neocleous & Co LLC
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Our latest article co-written by Associates Adonis Zachariou, Theodora Alexandrou and
Lawyer Trainee Christos Orfanidis, sheds light on the DAC8 draft
proposal, now due for approval by the European Council, aiming to
enable tax authorities to track the proceeds gained from
crypto-asset trading. This article provides an overview of the
reportable transactions under DAC8 and identifies the entities
responsible for reporting transaction information. Additionally, it
explains the scope of crypto assets covered by the directive,
including transactions involving exchanges between different
cryptocurrencies. The legislative process for DAC8 is currently
underway, and it is expected to be adopted by Member States by
2026.
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The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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