AI Summary of 891M. Implementation of paragraphs (6) and (19) of Article 1 of Council Directive (EU) 2023/2226/EU of 17 October 2023 as regards mandatory automatic exchange of information in the field of taxation in relation to Reporting Crypto-Asset Service Providers
This section mandates Reporting Crypto-Asset Service Providers to gather and report specified information related to Reportable Users and their Controlling Persons to the Revenue Commissioners. Providers must register annually by 31 December, detailing their operations, including transaction specifics and relevant user data.
Compliance entails adhering to due diligence procedures as outlined in the applicable Directive, failing which providers risk penalties and potential revocation of their Crypto-Asset Operator ID. The section is effective for reporting periods beginning 1 January 2026 and emphasises robust record-keeping to facilitate transparency and regulatory adherence.
891M. Implementation of paragraphs (6) and (19) of Article 1 of Council Directive (EU) 2023/2226/EU of 17 October 2023 as regards mandatory automatic exchange of information in the field of taxation in relation to Reporting Crypto-Asset Service Providers
(1) This section provides for the collection and reporting of certain information by Reporting Crypto-Asset Service Providers in respect of Crypto-Asset Users that are Reportable Users or that have Controlling Persons that are Reportable Persons.
(a) In this section -
'authorised officer' means an officer of the Revenue Commissioners authorised under subsection (14);
'Crypto-Asset Operator ID' means the individual identification number assigned to a Crypto-Asset Operator by the Revenue Commissioners pursuant to subsection (3)(b);
'Directive' means Council Directive 2011/16/EU of 15 February 2011 [OJ No. L 64, 11.03.2011, p. 1] as amended by Council Directive 2014/107/EU of 9 December 2014 [OJ No. L359, 16.12.2014, p.1], Council Directive (EU) 2015/2376 of 8 December 2015 [OJ No. L332, 18.12.2015, p.1], Council Directive (EU) 2016/881 of 25 May 2016 [OJ No. L146, 3.6.2016, p.8], Council Directive (EU) 2016/2258 of 6 December 2016 [OJ No. L342, 16.12.2016, p.1], Council Directive (EU) 2018/822 of 25 May 2018 [OJ No. L139, 5.6.2018, /document/824853#para_T10241610122025ID2R815162p.1], Council Directive (EU) 2020/876 of 24 June 2020 [OJ No. L204, 26.6.2020, p.46], Council Directive (EU) 2021/514 of 22 March 2021 [OJ No. L104, 25.3.2021, p.1] and Council Directive (EU) 2023/2226 of 17 October 2023 [OJ L, 2023/2226, 24.10.2023];
'reporting period' means a calendar year;