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Lithuania’s State Tax Inspectorate has revised reporting procedures for user information at crypto-asset service providers, Bitcoin.com reported. The changes are intended to align the rules with the EU’s Directive on Administrative Cooperation in the field of taxation (DAC8) and the OECD’s Crypto-Asset Reporting Framework (CARF).
Under the revised rules, regulated crypto-asset service providers must strengthen customer due diligence procedures for collecting and reporting client identity information, transaction records, and tax residency details. The update also clarifies detailed guidance on how to determine whether individual and corporate clients are subject to reporting, as well as on customer identification numbers, transaction histories, and account balances.