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DAC8 and tokenised assets: new reporting obligations

Quick answer: DAC8 extends the EU's automatic exchange of tax information to crypto-assets. Service providers start collecting data from 1 January 2026 and the first reporting takes place in 2027. Security tokens, being financial instruments, were already covered by the exchange of financial information (DAC2/CRS).

What DAC8 is

DAC8 is the eighth amendment to the Directive on administrative cooperation in the field of taxation. It extends the automatic and mandatory exchange of information between the tax authorities of the Member States to include crypto-assets. Its aim is to close the information gap that digital assets left open against fraud and tax evasion (DAC8 (Directive (EU) 2023/2226)).

The framework is built on the OECD international standard known as the Crypto-Asset Reporting Framework (CARF), so that the EU's definitions and procedures are aligned with the global benchmark. DAC8 also expands pre-existing obligations in other areas, but its core is to subject crypto-assets to the same transparency logic that already governs financial accounts.

How the information exchange works

The reporting entity is the crypto-asset service provider. It must apply due-diligence procedures to identify its users and their tax residence, and then report to the authority the relevant information on the transactions of each reportable user. The national authority shares it automatically with the other Member States where those users reside.

The information to be reported covers the user's identifying data and their crypto-asset transactions: acquisitions, transfers, swaps and, where applicable, payments. The result is that the authority of the investor's country of residence directly receives the detail of their crypto activity on platforms established in other Member States, without a prior request.

Application timeline

Member States had to transpose DAC8 into their domestic law before 31 December 2025, and its provisions apply from 1 January 2026 (DAC8 (Directive (EU) 2023/2226)).

In practice, this means that crypto-asset service providers begin to collect data and apply due diligence to reportable transactions from 1 January 2026, the first covered year. The first reporting of that information takes place in 2027, within the nine months following the close of the first covered tax year. In Spain, the transposition has been articulated through the reform of the general tax rules and their implementing regulations, whose version in force should be checked.

The key nuance: does DAC8 affect security tokens?

It is worth separating two planes. DAC8 is designed for crypto-assets that are not financial instruments. A security token, by its legal nature as a transferable security, is a financial instrument and falls outside the specific crypto-asset regime, just as it falls outside MiCA (MiCA (Regulation (EU) 2023/1114), Art. 2(4); MiFID II (Directive 2014/65/EU)).

Information on financial instruments and financial accounts has been exchanged for years through the DAC2 mechanism, which incorporates the OECD Common Reporting Standard (CRS). Therefore, a security token does not enter the DAC8 crypto system through the crypto-asset door: it follows the transparency logic of securities and financial accounts that was already operating. The very design of DAC8 seeks to avoid the double reporting of the same asset under two different regimes.

Why the prior classification matters

The practical consequence is that the right question is not whether a specific token falls under DAC8, but what that token is. If it qualifies as a security, its tax transparency flows through the financial-accounts route (DAC2/CRS); if it qualifies as a non-financial crypto-asset, it flows through DAC8. The boundary can be delicate when the same asset is represented on a distributed ledger, and the conclusion depends on the legal analysis of each issuance, which should be checked with a professional.

What changes for the investor

For the holder of crypto-assets, DAC8 reduces the room for opacity: the authority of the country of residence will receive information from the platforms, which reinforces the importance of declaring transactions correctly and keeping personal records consistent with what providers will report. For the holder of security tokens, the change is minor in terms of novelty: transparency over securities already existed; what remains decisive is classifying the asset correctly to place it in the right reporting regime.

Frequently asked questions

From when does DAC8 apply?

The provisions apply from 1 January 2026, the date on which crypto-asset service providers begin to collect the reportable information. The national transposition had to be ready before 31 December 2025 and the first reporting of data takes place in 2027.

Who has to report the information?

The obligated party is the crypto-asset service provider, not the investor directly. The platform applies due diligence, identifies the user's tax residence and reports their transactions to the authority, which exchanges them with the other Member States.

Does DAC8 require me to declare my security tokens as crypto-assets?

Not through the crypto route. A security token is a financial instrument and its information is already exchanged under the financial-accounts regime (DAC2/CRS), not under the specific DAC8 crypto-asset system. What is decisive is the token's legal classification, which should be verified.

Does DAC8 replace Modelo 721?

They are different planes. DAC8 governs the automatic exchange of information between EU authorities; Modelo 721 (Order HFP/886/2023) is an internal reporting obligation of the taxpayer regarding virtual currencies held abroad. They coexist, and the version in force of each obligation should be reviewed when planning the return.

What this means for you

If you operate with crypto-assets through European platforms, assume that your tax authority will know about those transactions: keep your own records and declare consistently. If your portfolio includes tokenised assets, do not assume they all follow the same reporting regime; the line between a crypto-asset and a financial instrument determines whether the information flows through DAC8 or DAC2. Where there is any doubt about the classification or the timeline, check the version in force of the rules and consult a professional.

This content is for general information and educational purposes only. It is not legal, tax or investment advice and does not replace consultation with a qualified professional. Regulation on tokenisation and crypto-assets evolves; always check the version in force of the rules cited in the BOE (boe.es) and EUR-Lex (eur-lex.europa.eu).

Unknown Gravity

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