In June, the Markets in Cryptoassets (MiCA) framework, which regulates cryptoasset issuers and service providers was published in the official journal in the EU. EU Member States have the final say over the legislative text. It is important to note that Parliament only has the power to issue advice on tax matters. This will clear the way for the adoption of the proposal. The European Parliament will now vote on its opinion on the DAC8 proposal, first on a committee and then plenary level, the latter vote scheduled for July 10. On May 16, 2023, the Economic and Financial Council (ECOFIN) of the Council of the European Union agreed on amendments to the draft Directive on Administrative Cooperation (DAC8), which extends the scope of mandatory automatic information exchange to include cryptoassets.
EU: European Council adopts MiCA and reaches agreement on DAC8
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In this issue of Binance Tax Watch – a blog series designed to help Binance users and the wider crypto community to stay on top of the latest digital asset tax developments – we look into new information-sharing requirements in the EU, a slew of federal and state-level initiatives in the United States, the International Monetary Fund’s view of the role of AML frameworks in combating tax evasion, and much more. In April and May, crypto regulation continued to advance around the world – and in many jurisdictions, rules related to tax treatment of digital assets and various crypto-related activities were part of this momentum. Over in the US, a proposed crypto mining tax was dropped from the final version of the debt ceiling agreement.
Simultaneously with adopting the landmark MiCA framework for digital assets, the EU extended the scope of mandatory tax-related information exchange to include digital assets. The new edition of Binance Tax Watch focuses on global advances in tax law and policy in April and May 2023.
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