DAC8 — Council Directive (EU) 2023/2226 of 17 October 2023 — completes the European map of automatic exchange of tax information 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 implications for investors and crypto-asset platforms operating in Spain.
The CRS/DAC2 Model as Precedent
To understand the scope of DAC8, it is useful to recall how automatic exchange of information 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 residence of their clients, collect data on account balances and income, and report those data 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 the account holders are resident.
DAC8 replicates exactly this model, but for crypto-asset service providers (CASPs) and crypto assets. From 1 January 2026, European crypto-currency exchanges and platforms act as “obliged reporting intermediaries” in the same way as banks under 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 information on crypto assets between non-EU jurisdictions. CARF operates through bilateral or multilateral agreements between tax authorities, following the model of MCAAs (Multilateral Competent Authority Agreements) that implement CRS.
This means that information on 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. By mid-2025, more than 50 jurisdictions have committed to implementing CARF for fiscal years 2026 or 2027. The global coverage of automatic exchange of information on crypto assets will therefore be nearly as broad as 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 are not issued by a central authority (nor legal tender). These include all major crypto currencies (BTC, ETH, XRP, SOL, etc.) and most DeFi tokens.
2. Electronic Money Tokens (EMTs)
Stablecoins and electronic money tokens pegged to the fiat currency of a single State (for example, a stablecoin pegged to the euro). 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. Non-EU Central Bank Digital Currencies (CBDCs)
CBDCs issued by central banks of non-EU jurisdictions. The digital euro and other EU-country CBDCs are excluded from DAC8 reporting obligations.
4. Reportable NFTs
Non-fungible tokens (NFTs) with significant market value transferred as investments. DAC8 expressly includes NFTs, although the minimum reporting threshold for individual NFTs is still pending final regulatory development.
Technical Mechanism of the DAC8 Information Exchange
The information flow under DAC8 follows these steps:
- The CASP collects DAC8 KYC data from its clients: tax residence, tax identification number, 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) by 31 January of the year following the reference fiscal year.
- The AEAT automatically transmits the data to the tax authorities of the Member States where clients are resident, within two months of receipt (by 31 March).
- The receiving tax authority cross-references the data against the taxpayer’s tax returns (IRPF, corporate tax, Form 720, Form 721) and initiates compliance procedures when discrepancies are detected.
The technical transmission system uses the OECD standard XMLschema, compatible with the AEOI (Automatic Exchange of Information) system already in operation for CRS.
Tax Treatment of Crypto Assets in Spain: What the AEAT Will Cross-Reference
With DAC8 automatic exchange in operation, the AEAT will have detailed data to cross-reference against the following Spanish taxpayer obligations:
Under IRPF (Individuals)
- Capital gains and losses: The transfer of crypto assets generates a capital gain or loss subject to personal income tax on the savings base (Article 37.1.b LIRPF), at 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; crypto currency is not treated as foreign currency under Spanish tax law, so no exchange-rate gain/loss rules apply.
- Investment income: Staking income, DeFi liquidity provision income and crypto-asset lending returns are taxed as income from movable capital on the savings base.
- Form 720/721: Crypto assets held on exchanges or custodial wallets outside Spain must be declared in Form 721 (created specifically for virtual currencies held abroad) if their value exceeds €50,000 as at 31 December.
Under Corporate Tax (Entities)
Companies holding crypto assets on their balance sheet account for them as intangible assets (if classified as long-term assets) or as financial assets held for trading (under the criteria of the ICAC Resolution of 2022). Value changes must be recognised in the profit and loss account in accordance with the applicable valuation rules, generating taxable income for corporate tax purposes.
Penalties for Non-Compliance
Failure to comply with Form 720 (overseas assets) or Form 721 (overseas crypto assets) filing obligations carries severe penalties. Although the Court of Justice of the EU ruled in January 2022 that the penalties originally provided for under Form 720 were disproportionate (Case C-788/19), the penalty regime was amended by Royal Decree-Law 5/2022 to bring it into line with EU case law. Current penalties are €5,000 per item or set of data relating to a single asset, with a minimum of €10,000, and 1.5% of the asset value for late filing.
At BMC, our specialist tax team can advise you on DAC8 obligations for crypto-asset holders and service providers. Contact our international tax team at /en/tax-fiscal/fiscalidad-internacional.
Common Mistakes by Crypto-Asset Holders Under the DAC8 Framework
As DAC8 enters its first reference year, Spanish taxpayers and their advisers are making predictable mistakes that will generate significant tax exposure once the AEAT begins cross-referencing the automatically exchanged data.
Mistake 1: Treating crypto-to-crypto exchanges as non-taxable. Exchanging one crypto currency for another — for example, converting BTC to ETH — constitutes a disposal of the original asset for Spanish IRPF purposes under Article 37.1.b of Act 35/2006 (LIRPF). The transfer price is the fair market value of the asset received at the time of the exchange. Many holders operate under the assumption that only conversions to fiat currency are taxable; under DAC8, the AEAT will receive detailed records of all crypto-asset transactions from EU CASPs, including asset-for-asset exchanges, making this error immediately detectable.
Mistake 2: Relying on non-EU exchanges to avoid DAC8 reporting. The OECD’s CARF extends automatic exchange obligations beyond EU borders. More than fifty jurisdictions, including the main crypto-asset market centres, have committed to implementing CARF for reference years 2026 or 2027. Spanish holders of accounts on US platforms such as Coinbase or Kraken, South Korean exchanges or UAE-based platforms should not assume that geographical distance provides anonymity: CARF data will reach the AEAT through the same mechanism as DAC8 data from EU CASPs. In parallel, Form 721 already requires annual reporting of overseas crypto-asset holdings above €50,000.
Mistake 3: Omitting staking and DeFi yield income from the savings base. Returns received from staking, liquidity provision in decentralised finance protocols and crypto-asset lending are taxable as income from movable capital in the Spanish IRPF savings base. These returns are distinct from capital gains on transfers: they are recognised at the time of receipt, at the euro equivalent on the date of payment, and are taxed at the progressive savings rates (19%–28%). DAC8 captures staking rewards when distributed by EU CASPs; CARF captures the same returns from non-EU platforms. The AEAT has already issued binding tax rulings confirming the tax treatment of staking returns, so the legal framework is settled and the enforcement risk is high from the first DAC8 reference period onwards.