Crypto

The Spanish government wants cryptocurrency holders to report their transactions and holdings from 2023

The Minister of Finance and Public Administration of Spain, María Jesús Montero.
Source: screenshot of a video, El País / YouTube

Spanish authorities will force cryptocurrency owners to declare their cryptocurrency-related operations and coin holdings. The nation’s finance chief also stated that crypto exchanges will be forced to report on their clients’ activities from next year, warning that similar measures are now being prepared across the European Union.

According to the media outlet La Vanguardia, the Minister of Finance and Public Function of Spain, María Jesús Montero, stated that government bodies are now working on a regulation that “will oblige cryptocurrency holders to present” an annual declaration of their operations. purchase and sale of tokens to the Treasury.

The measures will have to be put to a vote in parliament, but will likely be combined with other measures, such as laws related to tax rates on electricity providers. They are also likely to be added to anti-fraud laws, making their passage through parliament a virtual victory.

The minister claimed that the new crypto regulations would likely come into effect on January 1, 2023.

Montero further stated that Spain was acting in “anticipation” of the regulations that would soon “be carried out throughout the European Union”, adding that other countries “were already working along the same lines”.

Montero was quoted as calling cryptocurrencies “a new [form of] currency” that the Government “must be able to regulate” to guarantee that “no type of fraud or undesirable effects” impact the Spanish economy.

The finance chief added that the regulations would also seek to force crypto “platforms and companies that facilitate the purchase or exchange of cryptocurrencies” to “submit an annual document” containing “information about crypto movements on their platforms.” Exchanges will also be required to provide details about the owners of all coins on their platforms.

However, Treasury hopes to avoid another embarrassment on the crypto tax filing front. Earlier this year, tax authorities and government agencies, including the Ministry of Financethey were forced into a humiliating escalation after an effort to get Spaniards holding coins on offshore platforms to declare that their holdings ran into difficulties.

The tax body had previously told citizens who hold tokens on offshore platforms that they should disclose their cryptocurrency holdings in annual foreign asset tax returns in March (at the end of fiscal year 2021).

The body had told cryptocurrency owners with coins on non-Spanish platforms to add details of their holdings to an asset declaration form. But this unit was plagued by apparent clerical errors: Cryptocurrency holders complained that there were no fields on the aforementioned form for cryptocurrency holdings. This ultimately forced the Ministry of Finance to make a last minute U-turn and tell crypto holders that they did not need to send details of their overseas crypto holdings after all.

____

Learn more:
– Spain’s Basque Country Prepares Its Own Crypto Tax Laws, Exchanges Will Be Forced To Report Customers
– Binance Halts Crypto Derivatives Trading in Spain at Regulator’s Request – Report

– Spanish Crypto Investors ‘Flee to Portugal to Escape Taxes,’ Lawyers Say
– After a scare, Spaniards will not have to declare their crypto holdings abroad this year

– Amid Looming Eurozone Economic Downturn, ECB’s Lagarde Worries About Crypto and DeFi
– French Lawmaker Releases New Report to Push Crypto Legislation

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button