The Spanish Ministry of Finance, through the Union of Technicians of the Ministry, GESTHA, reported that it has been increasing its efforts to supervise and control operations with crypto assets and will continue to “monitor providers of wallets / digital wallets and companies related to payments crypto”.

The regulator highlighted that for several years it has been monitoring the crypto market and “had gradually managed to establish control measures to stop money laundering efforts that make use of bitcoin (BTC) and other tokens.”

Carlos Cruzado, president of GESTHA, pointed out that the institution has no intention of harassing or monitoring citizens or organizations that acquire or carry out operations with cryptocurrencies, but he warned that all crypto investors “should declare operations” according to the legal establishments of the country.

As will be recalled last June, the Spanish Parliament approved the Law on Prevention of Money Laundering and Terrorism Financing, which provides for the inclusion as obligated subjects of providers dedicated to virtual currency exchange services for currency legal tender, and providers of electronic wallet custody services (Wallet Service Providers or, simply, wallets) or key safeguarding services.

Additionally, it establishes the obligation that Spanish citizens have to declare their possessions in “crypto in exchanges based abroad”. In case of not complying with the requirement, they will be sanctioned with a “fixed fine of $ 5,900 for each infraction.”

The Ministry, together with the Spanish Tax Agency, are intensifying surveillance and are currently exhorting all citizens suspected of trading cryptocurrencies to make declarations of their activities and profits, because otherwise they could be sanctioned by regulatory entities.

M. Rodríguez

Source: cripto247.com

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