Directive DAC8 — Council Directive (EU) 2023/2226 of 17 October 2023 — completes the European map of automatic tax information exchange by extending the Common Reporting Standard (CRS) framework to the world of crypto-assets. This analysis examines the technical mechanisms of the information exchange, the interaction with the OECD's global CARF standard, and the practical consequences for investors and crypto-asset platforms active in Spain.
The CRS/DAC2 Model as Precedent
To understand the scope of DAC8, it helps to recall how automatic information exchange works under DAC2 (which implements the OECD’s CRS for financial accounts). Under DAC2, financial institutions — banks, securities firms, investment funds — must identify the tax residency of their clients, collect data on account balances and income, and report it annually to the tax authority of the Member State where they are established. That authority then automatically transmits the data to the Member States where account holders are resident.
DAC8 replicates exactly this model, but for CASPs and crypto-assets. From 1 January 2026, European crypto exchanges and platforms act as “reporting intermediaries” in the same way as banks under the CRS.
CARF: The Global Dimension of the Exchange
In parallel with the European DAC8, the OECD approved in November 2022 the Crypto-Asset Reporting Framework (CARF), which establishes a global equivalent standard for the exchange of crypto-asset information between non-EU jurisdictions. CARF operates through bilateral or multilateral agreements between tax authorities, following the model of the MCAA (Multilateral Competent Authority Agreements) that implement the CRS.
This means that information about a Spanish taxpayer’s transactions on a US, Korean or UAE exchange could reach the AEAT if that jurisdiction has signed a CARF agreement with Spain. As of mid-2025, more than 50 jurisdictions have committed to implementing CARF for tax years 2026 or 2027. Global coverage of automatic exchange on crypto-assets will therefore be almost as broad as that of the CRS for bank accounts within the coming years.
Taxonomy of Crypto-Assets Under DAC8 and CARF
DAC8 and CARF classify digital assets into four categories for reporting purposes:
1. Specified Crypto-Assets (Reportable)
Crypto-assets that can be used for payment or investment and that are not issued by a central authority (nor are they legal tender). These include all major cryptocurrencies (BTC, ETH, XRP, SOL, etc.) and most DeFi tokens.
2. E-Money Tokens (EMT)
Stablecoins and electronic money tokens pegged to the fiat currency of a single state (for example, a EUR-pegged stablecoin). EMTs issued by EU financial institutions under the Electronic Money Directive are already subject to CRS; those issued by MiCA-regulated issuers are reported under DAC8.
3. Central Bank Digital Currencies (CBDCs) Outside the EU
CBDCs issued by central banks of non-EU jurisdictions. The digital euro and other CBDCs of EU countries are excluded from DAC8 reporting.
4. Reportable NFTs
Non-fungible tokens (NFTs) with significant market value that are transferred as investments. DAC8 includes NFTs expressly, though the minimum reporting threshold for individual NFTs is still pending regulatory development.
Technical Mechanism of DAC8 Information Exchange
The information flow under DAC8 follows these steps:
- The CASP collects DAC8 KYC data from its clients: tax residency, TIN, transaction amounts by asset type and period.
- The CASP reports to the tax authority of the Member State where it is registered (in Spain, the AEAT) before 31 January of the year following the reference tax year.
- The AEAT automatically transmits the data to the tax authorities of the Member States of residence of the clients, within two months of receipt (by 31 March).
- The receiving tax authority cross-references the data against the taxpayer’s tax returns (IRPF, IS, Modelo 720, Modelo 721) and initiates audit proceedings where discrepancies are detected.
The technical transmission system uses the OECD standard XMLschema protocol, compatible with the AEOI (Automatic Exchange of Information) system already operating for the CRS.
Tax Treatment of Crypto-Assets in Spain: What the AEAT Will Cross-Check
With DAC8 automatic exchange in operation, the AEAT will have detailed data to cross-reference against the following tax obligations of Spanish taxpayers:
In the IRPF (Individuals)
- Capital gains and losses: The disposal of crypto-assets generates a capital gain or loss subject to savings base income tax (Article 37.1.b of the Personal Income Tax Law, LIRPF), with rates of 19% (up to €6,000), 21% (€6,000–€50,000), 23% (€50,000–€200,000), 27% (€200,000–€300,000) and 28% (above €300,000). The acquisition cost is calculated in euros at the exchange rate on the date of purchase; cryptocurrency is not treated as foreign currency under Spanish tax law, so exchange rate variation rules do not apply.
- Capital income: Staking interest, DeFi liquidity provision income and income from crypto-asset lending are taxed as investment income in the savings base.
- Modelo 720/721: Crypto-assets held in exchanges or custodial wallets outside Spain must be declared in Modelo 721 (created specifically for virtual currencies held abroad) if their value exceeds €50,000 as at 31 December.
In the IS (Companies)
Companies holding crypto-assets on their balance sheet account for them as intangible assets (if considered long-term assets) or as financial assets held for trading (under the ICAC 2022 Resolution criteria). Value changes must be recognised in the income statement in accordance with applicable valuation rules, generating taxable income in the IS.
Penalties for Non-Compliance
Non-compliance with the obligations to submit Modelo 720 (foreign assets) or Modelo 721 (crypto-assets abroad) attracts severe penalties. Although the Court of Justice of the EU ruled in January 2022 that the originally prescribed penalties for Modelo 720 were disproportionate (Case C-788/19), the sanctions regime was amended by Royal Decree-Law 5/2022 to align with EU case law. Current penalties are €5,000 per data item or set of data items relating to a single asset, with a minimum of €10,000, and 1.5% of the asset value for late submission.
At BMC, our specialist tax team can advise on DAC8 obligations for crypto-asset holders and service providers. Learn about our international tax services.
