The EU legal draft shows that its crypto tax plan requires NFT projects, foreign companies, and others to register with tax authorities

ChainCatcher news, according to CoinDesk, a draft law from the EU shows that the EU plans to require cryptocurrency companies to provide detailed information about their clients' held assets to tax authorities. The bill is set to be agreed upon by finance ministers next week and will allow tax authorities to share data within the 27-country bloc.

The bill requires crypto companies to register with tax authorities. Controversially, the law, known as the Administrative Cooperation Directive 8 (DAC8), still includes platforms for trading NFTs that can be used for payment or investment, as well as suppliers from outside the EU that have EU clients. Overseas crypto companies can report to foreign authorities that comply with EU regulations. (Source link)