Finland’s Parliament is reviewing a draft bill to implement EU Directive 2023/2226 (DAC8), establishing new reporting and due diligence obligations for crypto-asset service providers.
Finland’s Parliament is reviewing draft bill HE 84/2025 vp, which aims to implement Council Directive (EU) 2023/2226 of 17 October 2023 (DAC8), introducing new reporting and due diligence requirements for crypto-asset service providers.
In October 2023, the European Council approved DAC8, which is primarily built upon the OECD’s Crypto-Asset Reporting Framework (CARF) and the updated Common Reporting Standard (CRS) for the automatic exchange of financial account information for tax purposes.
The proposed legislative amendments would implement the amendment to the Directive on Administrative Cooperation in the Field of Taxation, or the Mutual Assistance Directive. The amendment extends the automatic exchange of information between EU countries to information reported by crypto-asset service providers.
This directive introduces new reporting and due diligence obligations for crypto-asset service providers. The European DAC8 Directive aims to increase transparency regarding crypto asset ownership, which will help combat tax avoidance and evasion more effectively. It also facilitates enhanced information exchange on cross-border rulings for high-net-worth individuals and sets penalties and compliance measures for reporting obligations.
Reporting crypto asset service providers would be required to report to the Tax Administration information on crypto asset exchange and transfer transactions made by individuals and companies acting as users of the service provider.
Additionally, reporting crypto asset service providers would be required to report information necessary for calculating capital gains and losses, as well as other income, on natural persons and estates subject to general tax liability in Finland.
It is proposed that the reporting financial institutions’ financial account information reporting and other obligations be regulated in a new separate act, which would replace the existing, substantively equivalent, form-based provisions. In the same context, minor adjustments would be made to the reporting obligations of financial institutions.
EU Member States are required to adopt and publish the laws, regulations, and administrative measures needed to comply with DAC8 by 31 December 2025. In general, these provisions must take effect from 1 January 2026, although some specific provisions will only come into force on 1 January 2028.
