What crypto-holders and investors in Portugal need to know about DAC8

Author: Tiago Monteiro

DAC8 (Council Directive (EU) 2023/2226) entered into force in 2023, and its main crypto-asset reporting obligations are applicable from 1 January 2026 across the EU, including Portugal. This marks an important step in the EU’s approach to the taxation and supervision of crypto-assets, extending the existing framework for automatic exchange of tax information to cover crypto-related activity.

Under this new framework, crypto-asset service providers — including exchanges, custodial wallet providers and other platforms facilitating reportable crypto-asset transactions — will be required to report detailed information on users and their transactions to national tax authorities.

From a legal perspective, DAC8 amends Directive 2011/16/EU and introduces specific due diligence and reporting obligations through a new Annex VI. In practice, this means that providers must:

• identify users;

• determine their tax residence;

• collect tax identification numbers (TINs), including the Portuguese NIF for Portuguese tax residents; and

• report transactions by crypto-asset and by type of operation.

The scope of DAC8 is deliberately broad. It applies not only to providers authorised under MiCA, but also to operators that are not MiCA-authorised where they meet the connection criteria set out in DAC8 for reporting crypto-asset service providers. This reflects a clear intention to close existing visibility gaps in the crypto ecosystem.

DAC8 forms part of a broader regulatory shift at EU level and does not operate in isolation. It builds on the OECD’s Crypto-Asset Reporting Framework and works alongside two other cornerstone regulations:

• MiCA (Regulation (EU) 2023/1114), which establishes the authorisation regime, conduct rules and sector-specific reporting obligations for crypto-asset service providers operating in the EU.

• TFR (Regulation (EU) 2023/1113), which strengthens traceability by requiring certain information to accompany transfers of funds and crypto-assets, reinforcing AML and CFT controls.

Within this regulatory architecture, DAC8 adds a distinct tax layer. While MiCA structures the market and TFR focuses on transaction traceability and AML compliance, DAC8 ensures that user and transaction data reported by platforms can be automatically exchanged between tax authorities and cross-checked against taxpayers’ declarations.

From 2026 onwards, reporting crypto-asset service providers will be required to collect and report, among other elements:

• user identification data;

• tax residence information;

• tax identification numbers; and

• comprehensive transaction histories, including:

  • crypto-to-crypto transactions;

  • crypto-to-fiat transactions;

  • transfers;

  • sales; and

  • certain NFT-related operations, where these fall within the reportable crypto-asset definition under DAC8.

The first reporting year will be 2026. The first exchanges of information between EU tax authorities are expected to take place in 2027, following the 2026 reporting cycle, in line with the timelines traditionally applied under previous DAC frameworks.

It is important to underline that DAC8 does not change how crypto gains are taxed, nor does it introduce new taxes or modify the substantive tax rules applicable to crypto-assets in Portugal or elsewhere in the EU. Its impact lies instead of oversight and enforcement.

By enabling systematic cross-checking of taxpayer declarations against data reported by platforms, DAC8 significantly reduces the opacity that has historically characterized parts of the crypto market.

In practical terms, anyone who holds, trades, swaps or transfers crypto-assets — including certain NFTs — whether through Portuguese or foreign platforms, should expect their activity to become visible to the tax authorities. As a result:

• failing to declare taxable events, such as capital gains or income derived from crypto activities, may be more easily detected;

• maintaining accurate and detailed transaction records becomes essential, including dates, amounts, asset types, acquisition costs and disposal values; and

• professional or high-volume investors should prepare early, ensuring that internal processes and compliance structures are aligned with this new reality.

  
  

DAC8 is no longer a distant regulatory concept. It is a concrete legal framework, and 2026 will represent a turning point in the visibility and traceability of crypto transactions within the European Union, including Portugal.

Por: Tiago Monteiro