Spain Set to Clamp Down on Crypto-Holders Flaunting Asset Declaration Laws

Cryptocurrency Europe Regulations Spain

The Spanish Ministry of Finance has drafted a bill aimed at clamping down on cryptocurrency holders using legal loopholes to avoid asset declaration laws.

The draft of the anti-fraud law was approved by the Council of Ministers this week, with Finance Minister María Jesús Montero explaining that the new law will require “the identification of the holders and the balances contributed by these virtual currencies,” effectively obligating cryptoasset holders to declare all of their holdings.

Spanish newspaper ABC.es reported that Montero has also said that all Spaniards with offshore currency holdings in fiat or crypto must declare these holdings in an annual declaration to Spain’s Agencia Tributaria.

The draft law is projected to raise a further 850 million euros in tax revenue to help the Spanish government fund much-needed investment and welfare spending as the country faces a daunting 33.8% youth unemployment figure.

The draft bill also proposes the imposition of a 0.2% tax on purchases of listed shares valued at more than a billion euros. What knock-on effect this will have any impact on cryptocurrency investment is uncertain and further details of the draft bill have yet to be released.

About the author

Mark Knowles

Mark Knowles

Coinlaw Multi-Jurisdiction Blockchain News
Mark Knowles is the Executive Editor of coinlaw.io
With more than a decade of experience as a journalist and editor, Mark has now turned his focus to the blockchain and cryptocurrency revolution that is currently reshaping the global economy. As Executive Editor at Coinlaw Mark is working to create a website that is a hub for the international crypto community to find the latest legal news, legislative changes and expert opinion from across the industry. Contact him at [email protected] or through mobile on +66 (0) 98 705 2716.

Leave a Comment

Coinlaw Newsletter

Whether you are a law firm, founder gearing-up for a token offering, or a crypto currency trader, subscribe to the biggest crypto legal newsletter to be informed of the latest developments in each and every jurisdiction