What is Self-Certification and DAC8?
Why is self-certification required?
With the help of a self-certification, Coinmotion can collect tax-related information from customers in accordance with DAC8, such as the customer's tax identification number in all of their tax residencies. This enables transaction data to be reported to the correct tax authority.
How does DAC8 benefit me?
DAC8 promotes equity among taxpayers. The regulation ensures that all cryptocurrency transactions are reported accurately. This also benefits you as part of a fairer and more transparent tax system.
Is this a new tax?
No, DAC8 is not a new tax. It is an EU directive designed to ensure that existing tax laws are enforced.
Will this automate my crypto tax reporting?
Not at this point in time, but in theory it could if the Finnish Tax Authorities decide to do so.
What do I need to do?
As a customer, here’s what you need to focus on to ensure compliance with upcoming regulations:
- Using the exchange: Continue using Coinmotion as you normally would. Keep accurate and detailed records of all your crypto transactions. This will help you when it's time to file your taxes.
- Complete the self-certification: Confirm your tax residency and tax identification number through self-certification. This ensures that the appropriate tax authority receives the necessary information about your cryptocurrency transactions.
- Report gains and losses: Remember to report any gains or losses from your crypto transactions on your annual tax return in your home country.
How do I give the information?
You can fill in the details of your tax liability by clicking the button visible on our homepage. First, check your personal information, including your name, date of birth, and address. Then, provide information on all of your tax residencies and the tax identification numbers in those countries.
If you are filling out the form on behalf of your company or another legal entity, you must provide the same information regarding the legal entity you represent. If it is a non-active and reportable legal entity, you should also provide the same tax liability information concerning the actual beneficiaries of the legal entity. You can get assistance with providing information on the actual beneficiaries from customer service.
What happens if I don't give this information?
Our existing customers will need to fill in the self certification during the year 2026. If you don’t respond within the given time period, we are required to prevent further reportable transactions on your account.
How will my data be handled?
Our current customers will be required to provide more detailed information regarding their tax liability during the year 2026. Failure to submit this information through self-certification may impact the services we are able to offer you after the deadline.
From the beginning of 2026, customers registering with Coinmotion will need to provide additional tax liability details as part of the account opening process.
Understanding DAC8
DAC8 is a new EU directive that expands the exchange of tax information to include cryptocurrencies. Starting January 1, 2026, service providers offering cryptocurrency services, like Coinmotion, are required to collect legally mandated tax-related information about their users.
This includes details about customers' tax residency and tax identification number, as well as information on cryptocurrency transactions such as purchases, sales, and transfers. The main goal of the directive is to enhance tax fairness and transparency by ensuring that cryptocurrency transactions are handled in taxation as diligently as traditional financial transactions.
Coinmotion will report on purchases, sales, and transfers related to cryptocurrencies in accordance with DAC8 to the tax authorities. The Finnish tax authority will, under this regulation, share the information it receives from reports with the tax authorities of other countries.
If you have any questions, feel free to contact our customer support team.