Spain applies new regulations against cryptocurrencies
The new tax regulation will oblige citizens who have digital assets to declare them before official entities
The government of Spain recently announced that it is going to apply a new tax regulation that aims to control the use of cryptocurrencies in the country.
Specifically, those citizens of the Iberian region who possess cryptocurrencies must declare them before official entities. Also, they must report all types of transactions they make with these types of assets.
Since 2019 in Spain, a campaign began for crypto asset holders to include them in their annual income tax return, but the reality is that the regulations were not yet fully defined until the publication of these new mandate.
Thanks to law 11/2021, Spain will seek to fight against tax fraud and tax evasion with a well-defined regulatory framework in almost all its points.
The tax description points out the obligation to declare the crypto assets that are owned, sold, exchanged or exchanged in any way. However, it does not specify the initial amount of the tax base, so it supposes a gap in the law that must be modified.
K. Tovar
Source: 20minutos
