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Home»TRADING NEWS»Spanish Revenue Agency Seizes Cryptocurrency for Tax Debt
TRADING NEWS

Spanish Revenue Agency Seizes Cryptocurrency for Tax Debt

By Crypto FlexsFebruary 5, 20241 Min Read
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Spanish Revenue Agency Seizes Cryptocurrency for Tax Debt
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Spain’s finance ministry is set to expand its controls over domestic cryptocurrencies to allow it to seize digital assets to settle tax debts. A proposed legislative reform to general tax law would give the Spanish National Tax Service the power to identify and take over cryptocurrency assets owned by taxpayers with overdue debt. The move follows a royal decree that came into effect on February 1 expanding the agencies authorized to collect taxes on behalf of the government. The Treasury also plans to combat tax evasion by requiring banks and electronic money institutions to report all card transactions. Spanish residents who hold cryptocurrency assets on non-Spanish platforms will have until the end of March to declare those assets to tax authorities.

The rapid implementation of these changes raises regulatory concerns as Spain seeks to actively regulate the cryptocurrency industry. Additionally, the country plans to adopt the first comprehensive EU cryptocurrency framework, the Markets in Crypto Assets Regulation (MiCA), in December 2025, six months ahead of the official deadline.

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