Anyone holding cryptocurrency on Italian or foreign exchanges is facing a change that will structurally reshape the relationship between crypto-assets and tax authorities: from 2026, the DAC8 directive comes into force, introducing automatic exchange of information on crypto-assets between the tax authorities of EU member states. Here is what it provides for, on what timeline, and what it means in practice for anyone holding cryptocurrency positions in Italy or abroad.
Table of Contents
What is DAC8
DAC8 (EU Directive 2023/2226) is the eighth extension of the European directive on administrative cooperation in tax matters. At EU level, it implements the Crypto-Asset Reporting Framework (CARF), the standard developed by the OECD in 2022 for the automatic exchange of information on crypto-assets. In practice, it extends to cryptocurrencies the same mechanism already used for years for foreign bank accounts and financial assets (the Common Reporting Standard, CRS): intermediaries collect client data and transmit it automatically to tax authorities, which then exchange it with one another internationally.
Who is required to collect the data
The obligations fall mainly on Crypto-Asset Operators (CAOs): cryptocurrency exchanges and wallet service providers operating within the European Union. These entities must fully identify every user (name, address, tax identification number) and track the transactions carried out, broken down into several categories: purchases and sales for fiat currency, exchanges between different crypto-assets, deposits and withdrawals, staking income, NFT trades, and commercial payments made in cryptocurrency.
Implementation timeline
DAC8 does not come into force all at once, but in successive phases:
- From 1 January 2026, operators began collecting the identification data and transactions of all users.
- By 31 December 2026, users must provide their tax identification number to the exchanges they use: anyone who fails to do so risks having their account blocked within 60 days.
- By 30 June 2027, operators transmit, for the first time, data relating to 2026 to their respective national tax authorities.
- From 30 September 2027, automatic cross-border exchange between the tax authorities of EU member states begins.
What changes in practice for crypto-asset holders
Until now, those trading on foreign exchanges often relied on a degree of opacity: data was not systematically transmitted to the Italian tax authorities. With DAC8, this margin narrows dramatically. The system specifically tracks the entry and exit points between the traditional banking world and the crypto-asset world (the so-called “on/off ramps”), linking wallet addresses to the holder’s identity even when funds are subsequently moved to private, non-custodial wallets.
In Italy, the existing reporting obligations remain unchanged: the RW form for the tax monitoring of assets held abroad, and the section dedicated to capital gains on crypto-assets in the tax return. The difference is that, with automatic exchange of information, this data can now be cross-checked directly against what exchanges report, closing the gaps that were previously harder to detect.
Who should pay particular attention
- Anyone who has traded on foreign exchanges in past years (including outside the EU, where connected to platforms falling within the CARF/OECD perimeter) without correctly reporting their positions.
- Anyone who has recently relocated to Italy, or is considering a transfer of tax residence, and holds crypto-assets accumulated during years of foreign tax residence: correctly reconstructing the taxable base and the acquisition date requires a detailed analysis.
- Anyone managing significant crypto-asset positions as part of a broader estate, who needs to coordinate their crypto position with the rest of their tax planning and wealth planning.
FAQ — Frequently Asked Questions
What happens if I don’t declare my crypto-assets under DAC8?
With the automatic exchange of information, Italian tax authorities will receive data from exchanges on transactions carried out by taxpayers resident in Italy. Any discrepancies compared to what has been declared therefore become easier to detect, with the standard consequences provided for omitted or inaccurate tax returns.
Are private (non-custodial) wallets outside the scope of controls?
Not entirely: the system is designed to track movements at the points where crypto-assets enter or leave the regulated exchange circuit, even when they subsequently pass through private wallets.
Does DAC8 only concern future transactions, or past ones too?
Data collection obligations apply to transactions from 2026 onwards, but this does not mean that past positions are irrelevant: anyone with previous tax years not correctly declared can, before automatic exchange begins, evaluate the regularisation tools available.
What happens if the exchange doesn’t have my tax ID by the end of 2026?
Operators are required to block the accounts of users who fail to provide the requested data within 60 days of the request.
Is it worth regularising my position before automatic exchange starts?
For those with unreported positions, assessing the situation in good time — before the data is automatically exchanged between tax authorities — generally makes it possible to manage regularisation in a more orderly way and under more favourable conditions than a subsequent tax assessment.
Let’s Assess Your Position Together
If you hold crypto-assets in Italy or abroad, have traded on international exchanges, or are considering transferring your tax residence and want to understand how your crypto position fits into the bigger picture, a preliminary review can be useful before automatic exchange of information begins.
Free Initial Assessment
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Describe your situation below: we’ll tell you right away how to proceed. If you already have useful documents, you can simply send them to us by replying to our confirmation email.
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