Spain has tightened the tax control of the cryptosphere
Spanish regulators, despite the downturn in the crypto market, stepped up their activities. The Ministries of Finance and Economy have ordered crypto investors to disclose the value of their crypto holdings.
The set of new rules applies not only to digital asset holders, but also to exchanges and other custodial wallets. Thanks to this, the authorities will receive a report on every euro invested in digital assets and will be able to receive tax on all profits of crypto investors.
In addition to cryptocurrencies held on Spanish platforms, the bill mandates the disclosure of data on the presence of cryptocurrencies held abroad. Also, users of the cryptosphere will have to disclose transaction data (date, amount), wallet addresses.
Regulators expect to introduce a new crypto investment report form from January 1, 2023. True, the law will only apply to those who by December 31 of each year will own a cryptocurrency in excess of 50,000 euros.
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