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Spain
requires citizens to
disclose their holdings of cryptocurrencies
The Spanish Tax Administration has imposed new requirements on
Spanish citizens regarding their acquisition of foreign cryptocurrencies.
By the end of March 2024
Individuals with balance sheets exceeding 50,000 euros in
encrypted assets will have to declare their foreign holdings.
Residents of
Spain who own encrypted assets on non
Spanish platforms must declare them before 31 March 2024
According to
the new laws on taxation of virtual assets.
The Spanish Tax Administration published the tax return form "721"
governing these requirements for the first time in
the Official Gazette of the State of Spain on 29 July 2023.
A new declaration
has been applied requiring taxpayers and companies to
declare funds stored in their accounts in foreign
cryptocurrencies during the period of January-March 2024.
Those who use self
preservation wallets must report their assets using
the standard wealth tax model "714".
These measures
include individuals with balance sheets exceeding
50,000 euros of cryptocurrency assets only.
Agencia Tributaria is intensifying
its efforts to pursue local cryptocurrency owners.
April 2023
328,000 warning notices were sent by the agency to those
who did not pay their taxes on cryptocurrencies for fiscal 2022.
The number of
notifications increased
by 40% from the previous year, with 150,000 being sent in 2022
while only 15,000 were sent in 2021.
The country seeks to take proactive action
by promulgating several laws to regulate cryptocurrencies.
In October
Spain's Ministry of
Economy and Digital Transformation announced
the first comprehensive
cryptocurrency framework in the European Union
It will be implemented nationally in December 2025
six months before the official deadline.
In November
Spain's National Securities Market Commission filed
its first case against a technology provider
for violating cryptocurrency promotion rules.
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