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In the past decade, the utilization of blockchain and its adoption of a distributed ledger have proven their capacity to revolutionize the financial sector, inspiring numerous initiatives from businesses and entrepreneurs. This emerging industry has increased the need to be compliant. Cryptocurrency companies encounter various challenges, both operational and regulatory, underscoring the need for tax and accountancy assistance. In this dynamic landscape, our specialists are adapting and prioritizing regulatory compliance. Staying ahead of regulatory frameworks is essential, ensuring businesses' continued success within the cryptocurrency space.
In being compliant you might be facing some challenges:
We provide clients with cutting-edge advice, employing an integrated approach that includes tax, accounting, audit, and advisory.
Grant Thornton Netherlands offers a wide range of services. This includes the compilation of financial statements, audit of financial statements, and preparation and filing of Corporate Income and Personal tax returns. We also provide tax advice for various cases, like M&A and financing. Regarding tax compliance, our team can coordinate tax compliance obligations when various countries are involved. Our legal department can assist you in drafting employment contracts and everything in the field of corporate law related to crypto.
If you want to restructure the group or expand into the Netherlands or a country outside the Netherlands, our team and our international network can assist you with the whole process. From the setup of a company to the filing of all relevant tax returns. And of course, we can evaluate your businesses to comply with existing and upcoming regulations.
The DAC directive is a European system for administrative cooperation between the national tax authorities of EU member states. The DAC directive lays down the rules and procedures for the exchange of information for tax purposes. The DAC applies to all taxes except:
The DAC directive has been amended several times in the past. Under DAC8 (seventh amendment of the DAC directive), 'Crypto-asset Service Providers' - such as exchanges where crypto-assets can be traded - will be required to carry out know-your-client procedures on EU customers that hold crypto-assets, regardless of whether the providers themselves are based in the EU.
DAC8 provides for an obligation to collect and verify information relating to crypto-assets in accordance with the due diligence rules proposed in DAC8. Your company must provide the required information on your users to the tax authorities. You must notify each user who holds crypto-assets on its platform. Besides, users have to be notified that certain information about them will be collected and reported to the tax authorities.
Find out more about DAC8, DAC7 (exchange of information for digital platforms), and DAC6 (exchange of information regarding tax constructions that meet certain hallmarks).
Monique Pisters, Head of Tax, explains DAC8 in more detail in this video.
Grant Thornton Netherlands provides an experienced team ready to support you in pursuing business opportunities while being mindful of the potential risks associated with a well-considered and informed approach. Our team is well-equipped to guide you through the rules that may affect your business.
Compliance with laws and regulations is essential for companies in the crypto sector for several reasons. Firstly, it contributes to maintaining the trust of investors, users, and regulators. In an emerging industry like the crypto sector, trust is a valuable asset, and compliance demonstrates a company's willingness to take responsibility.
DAC8 mandates that all service providers, irrespective of their scale or geographical location, must report on crypto asset transactions conducted by their clients within the European Union.
The Markets in Crypto asset regulation will establish the criteria for entry into the EU market for crypto assets.
DAC8 will enter into force as of 1 January 2026. The Markets in Crypto-asst Regulation entered into force in June 2023. The Markets in Crypto-asst Regulation rules will take effect in 2024.
Crypto asset Users:
Crypto-Asset holdings:
Blockchain technology is valuable when participants need assurance that transactions are accurately recorded, secure, and unchangeable. Its applications include contracts, regulatory compliance, secure information sharing, credential verification, and privacy-focused solutions. Other use cases involve asset and supply chain management, digital identity verification, and asset tokenization (for example real estate).
