The European Union's member states have unanimously supported new rules allowing tax authorities to share data on people's cryptocurrency holdings. The proposed law, known as the eighth amendment to the Directive on Administrative Cooperation (DAC8), aims to prevent tax evasion using crypto by widening an existing law.

The law is expected to be formally agreed upon next week at the regular meeting of economic and finance ministers in Brussels. Under the proposed law, any company with EU clients will have to register in the bloc to report digital assets to tax authorities.