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Home»ADOPTION NEWS»Spain Strengthens Cryptocurrency Supervision to Address Tax Debts
ADOPTION NEWS

Spain Strengthens Cryptocurrency Supervision to Address Tax Debts

By Crypto FlexsFebruary 6, 20242 Mins Read
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Spain Strengthens Cryptocurrency Supervision to Address Tax Debts
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The Spanish Ministry of Finance is implementing legislative reforms to increase monitoring of cryptocurrencies, enabling the seizure of digital assets to settle tax debts in accordance with EU regulations.

The Spanish Ministry of Finance, under the leadership of María Jesús Montero, is taking important steps to strengthen control over cryptocurrencies in the country. The Department is actively working on legislative reform targeting general tax law, with a particular focus on Section 162. The goal of these reforms is to give the Spanish Revenue Authority the power to identify and seize cryptocurrency assets from taxpayers who owe unpaid taxes. The move is part of wider efforts to combat tax evasion and comply with the European Union’s regulatory framework.

A recent royal decree, which came into effect on February 1, extends the scope of institutions that can carry out tax collection duties beyond traditional banks to include electronic money institutions, which must report all card transactions. This expansion clearly demonstrates the Spanish government’s commitment to strengthening its control over tax collection and ensuring compliance in the rapidly developing cryptocurrency market.

Additionally, Spain is preparing to adopt the European Union’s first comprehensive cryptocurrency framework, the Markets in Cryptocurrency Assets Regulation (MiCA), by December 2025, six months ahead of the official deadline. This proactive stance highlights Spain’s commitment to creating a strong regulatory environment for cryptocurrencies.

Spanish residents who hold cryptocurrency assets on platforms outside Spain must report these assets by the end of March 2024, with the reporting period for Form 721 starting January 1, 2024. However, only individuals exceeding their cryptocurrency holdings will need €50,000 to report their holdings. Anyone with a self-custodial wallet must disclose their holdings via the standard Wealth Tax Form 714.

This development comes as countries around the world are increasingly recognizing the need to tax cryptocurrency holdings as the market expands. Spain’s efforts to strengthen cryptocurrency monitoring and taxation mechanisms are part of a global trend to increase transparency and regulation of digital assets.​​​.

Image source: Shutterstock

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