Ledger SAS

Ledger SAS 106 rue du Temple 75003 Paris Paris, 10 February 2026 Ledger Response to the European Commission’s Call for Evidence for Impact Assessment and Consultation on the EU rules on administrative cooperation in the field of taxation (recast) Ledger welcomes the European Commission’s initiative to consolidate and simplify the Directive on Administrative Cooperation (DAC). We fully support the objective of reducing administrative burdens and eliminating inconsistencies to improve legal clarity for market participants. About Ledger Ledger, a leading blockchain security company headquartered in Paris, empowers individuals and enterprises to securely manage their digital assets. With over 500 employees worldwide and its principal manufacturing facility in Vierzon (France), Ledger has earned trust globally, selling over 8 million hardware devices.

…manufacturing facility in Vierzon (France), Ledger has earned trust globally, selling over 8 million hardware devices. As the first and only digital asset wallets to receive a First Level Security Certification from the French Cybersecurity Agency (ANSSI), we take pride in setting the global standard for blockchain and digital asset security. We have focused our consultation response on a single issue specific to DAC8. We fully support the comprehensive response put forward by the Digital Currencies Governance Group (DCGG) to which we have contributed as a member, but we want to comment specifically on a single issue related to DAC8. Views on the proposed DAC Simplification We urge the Commission to address a critical source of confusion and fragmentation within DAC8: the novel concept of the "crypto-asset operator" (CAO).

…a critical source of confusion and fragmentation within DAC8: the novel concept of the "crypto-asset operator" (CAO). This category is not clearly defined and, unlike "Crypto-Asset Service Providers" (CASPs), the term "crypto-asset operator" is not anchored in the existing EU regulatory framework, such as Regulation (EU) 2023/1114 (MiCA). The definition relies on functional concepts without clear parameters regarding the degree of intermediation or control required. This creates a material risk of divergent interpretation by Ref. Ares(2026)1516709 - 10/02/2026 National Competent Authorities, leading to the very fragmentation the Commission seeks to avoid. The broadness of the term threatens to capture software and technical service providers who do not intermediate transactions, do not control user funds, and structurally do not possess and cannot access the data relevant for reporting.

…do not control user funds, and structurally do not possess and cannot access the data relevant for reporting. MiCA establishes a carefully calibrated and widely understood regulatory perimeter for the Union. Maintaining a parallel, non-aligned concept in DAC8 creates uncertainty for market participants who may be out of scope for regulation but arguably in scope for tax reporting. To achieve genuine simplification and preserve the internal coherence of the EU crypto-asset framework, Ledger recommends the deletion of the "crypto-asset operator" definition from the Directive. Deleting this category ensures that reporting obligations fall only on entities capable of compliance—those that actually intermediate transactions and possess relevant user data—consistent with the OECD’s CARF Commentary regarding software providers.

…transactions and possess relevant user data—consistent with the OECD’s CARF Commentary regarding software providers. Conclusion Removing the nebulous "crypto-asset operator" category is the single most effective measure the Commission can take to simplify the DAC framework in the context of digital assets. It would ensure proportionality, prevent inappropriate administrative burdens, and foster clear and consistent application across Member States. We look forward to continuing an open dialogue with you on these issues and would welcome an opportunity to discuss this further. For any question or comment, please do not hesitate to contact Seth Hertlein, Global Head of Policy ([email protected]) or Julien David, Head of Public Affairs, EMEA ([email protected]). Seth Hertlein Julien David VP & Global Head of Policy Head of Public Affairs, EMEA Ledger Ledger SIGN

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