Sweden’s Ministry of Finance has introduced a proposal to implement Council Directive (EU) 2023/2226 (DAC8), which outlines new reporting and due diligence requirements for crypto-asset service providers. The Ministry is inviting public feedback on the proposal, with a comment deadline set for 13 December 2024.
The directive, approved by the European Council in October 2023, is based on the OECD’s Crypto-Asset Reporting Framework (CARF) and the revised Common Reporting Standard (CRS), aimed at improving tax transparency through automatic financial information exchange.
The European Parliament approved DAC8, which amends EU Directive 2011/16/EU to require crypto-asset service providers to electronically report transactions for EU clients. The rules cover various crypto-assets, including stablecoins and NFTs and impose penalties for noncompliance. EU countries must adopt the directive by 31 December 2026, with reporting starting on 1 January 2027.
EU Member States are required to adopt the necessary regulations by 31 December 2025, with most provisions taking effect from 1 January 2026. Some provisions, however, will only be applied from 1 January 2028.
