- New Reporting Obligations: Sweden’s Ministry of Finance has proposed implementing Council Directive (EU) 2023/2226 (DAC8), which introduces new reporting and due diligence obligations specifically for crypto-asset service providers.
- Framework Basis: The DAC8 provisions are primarily based on the Crypto-Asset Reporting Framework (CARF) developed by the OECD and the amended Common Reporting Standard (CRS) aimed at enhancing the automatic exchange of financial account information for tax purposes.
- Adoption Timeline: EU Member States must adopt necessary laws and regulations by December 31, 2025, with general application starting January 1, 2026; however, some provisions will not be effective until January 1, 2028. The deadline for public comments on the proposal is December 13, 2024.
Source Orbitax
