Spain proposes cryptocurrency embargo when executing taxpayers’ debts

The Public Treasury of Spain launched a tax reform proposal so that the Treasury can seize taxpayers' cryptocurrencies

In a new advance towards the regulations of digital currencies, the Spanish Treasury has launched the proposal for a tax reform that would allow cryptocurrencies to be seized in the execution processes of taxpayers’ debts.

It is a proposal that the European Union made in 2021 and whose application could accelerate the Spanish government by advancing the necessary tax reforms.

In this sense, it is important to remember that the Spanish Administration had already issued “a decree declaring electronic money entities as tax collection agents.”

Which means that these institutions must execute “seizure actions on the client’s digital money and crypto assets when required by the government,” just as traditional banks and credit institutions do.

For their part, taxpayers will be obliged to declare their crypto assets abroad. With this data, the Administration will have support for when the reform is applied, which, in addition, involves a change of concepts for Spanish regulators.


Source: cripto247

(Reference image source: Kanchanara at Unsplash)

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