The Spanish Ministry of Finance and Public Administration has initiated a public consultation on a draft bill to implement EU Directive 2023/2226 (DAC8), which which integrates the OECD’s crypto-asset reporting framework (CARF) into the regulatory framework of the European Union, mandating that service providers in EU member states adhere to due diligence and reporting requirements for users of cryptocurrencies for both resident and non-residents.

The consultation is set to conclude on 9 October 2024.

DAC8, an amendment to Directive 2011/16/EU on administrative cooperation in taxation, introduces new reporting and due diligence requirements for crypto-assets, financial accounts, electronic money, and central bank digital currencies. Under DAC8, crypto-asset service providers will be required to meet EU-wide obligations for reporting, due diligence, and registration in specific cases. This includes reporting the identity and tax residency of crypto-asset users and certain transactions involving these assets. The reported data will then be exchanged with the relevant EU Member States.

The legislation aims to establish reporting requirements for crypto-assets held overseas and their corresponding balances, while also amending various regulations related to mutual assistance and collection procedures. It also recognises crypto currencies as assets subject to seizure, along with assets and rights held in payment and electronic money institutions.

Previously, The Spanish Council of Ministers approved the draft bill to implement the Amending Directive to the 2011 Directive on Administrative Cooperation (2023/2226) DAC8, according to a release on 17 September 2024.