⚖️ New Crypto Law Triggers 60-Day Countdown — Exchanges May Freeze Accounts
Under new European Union crypto tax reporting rules (DAC8), crypto platforms must collect Tax Identification Numbers (TINs) from users — and without that info, exchanges could block trading & withdrawals after reminders and a 60-day period.
🔑 What’s Changing:
🗓️ Jan 1, 2026: EU crypto-asset service providers must begin collecting tax data under DAC8.
📊 Reporting covers crypto → fiat, crypto → crypto, and even transfers to self-custody addresses inside the reportable scope.
🚫 If a user refuses to provide TIN, after two reminders and a 60-day window, providers can refuse “reportable transactions”, effectively restricting trading/withdrawals that fall under the rules.
📅 Full reporting begins when the first fiscal year completes and reports are due by Sept 30, 2027.
📊 What It Means for Users:
Compliance is now tied to identity and tax documentation — otherwise platforms may block key functions to meet regulatory obligations. It’s part of a broader global trend toward crypto transparency and tax enforcement.
While this doesn’t strip away self-custody rights or end privacy outright, it changes how regulated entry/exit points work, and may reshape exchange onboarding and user flows — especially for Europeans.
#CryptoRegulation #EU #TaxReporting #KYC #CryptoCompliance $EUR