The European Union is strengthening surveillance of cryptocurrency transactions to bolster its efforts to combat tax evasion.
Benjamin Angel of the European Commission confirmed that all member states have agreed to the Directive on Administrative Cooperation (DAC8), which deals with the exchange of information between national tax authorities regarding the proceeds of digital currency transactions.
DAC8 introduces new rules for the crypto sector that will allow regulators to monitor transactions of EU citizens.
Moreover, companies operating in the digital asset sector must allow government surveillance of owners of virtual currencies with a value exceeding €1 million.
European Union authorities will hold a meeting to consider a unified approach to tracking cryptocurrency transactions. If all goes as expected, DAC8 is projected to be adopted in late May 2023.
