The Spanish Council of Ministers approved a draft bill to implement the Amending Directive to the 2011 Directive on Administrative Cooperation (2023/2226) DAC8 – 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 – according to a release on 17 September 2024.
DAC8 will now undergo a public consultation, after which it will be sent for parliamentary processing.
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 cryptocurrencies as assets subject to seizure, along with assets and rights held in payment and electronic money institutions.
