The European Union’s Council has enacted a directive to improve coordination between national tax agencies, specifically concerning crypto asset transactions. The Oct. 17, 2023, announcement represents a substantial change in the way the EU regulates crypto assets, indicating a proactive stance toward the economy’s fast digitalization. The directive proposes extensive modifications to EU regulations on administrative cooperation in taxation.

This momentous move complies with recommendations made by the council in its report on tax matters to the European Council on Dec. 7, 2021. It indicated expectations that the European Commission would present a legislative proposal in 2022 for an additional revision of Directive 2011/16/EU on…

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