DAC8 and what it means for Coinmerce customers

DAC8 is new European legislation that requires crypto service providers, including Coinmerce, to report certain account and transaction information to tax authorities. The purpose is to create a standard across the EU and improve transparency within the crypto sector.
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For most customers, nothing changes in the daily use of Coinmerce. You can continue to trade, deposit, withdraw and use all available features as normal.
Under DAC8 we are required to provide specific yearly information to the tax authorities. This includes account identifiers, annual deposit and withdrawal totals, annual trading volume and end-of-year balances.

You do not need to take any action. All reporting under DAC8 is handled by Coinmerce.
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DAC8 does not introduce new taxes. It only ensures that tax authorities receive the information that users are already required to declare themselves. Your personal tax situation does not change.
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DAC8 reporting cannot be disabled or opted out of. Even if you close your account, relevant historical data must still be retained and reported if legally required. This follows the same principles as existing KYC and financial retention regulations.
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DAC8 does not give tax authorities real-time access to your account.
DAC8 does not grant access to login details or personal information unrelated to financial activity.
DAC8 does not result in automatic taxation, freezing or seizure of assets.
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If you need to update your TIN or tax residency information, please contact our Support team. They will initiate the TIN change process and guide you through the required steps.
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DAC8 is a mandatory European reporting requirement for all regulated crypto platforms. Your experience on Coinmerce remains unchanged and no action is required from you. The regulation ensures a uniform reporting standard across the EU, while your account and daily activity remain unaffected.