New regulations of cryptocurrency in Spain

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New regulations of cryptocurrency in Spain
New regulations of cryptocurrency in Spain

The Spanish authorities want to restore order in the cryptocurrency industry and force all citizens to provide information about their digital assets.

The corresponding bill was approved by the Spanish government, Bitcoin.com reports, citing local news sources. The main objective of the document will be the fight against tax evasion from income derived from operations with digital money.

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The supporter of the introduction of such a rigid bill is the Minister of Finance Maria Jesus Montero. She believes that it is necessary to force all citizens to provide the tax authorities with information on the availability of digital assets not only in Spain but also in foreign jurisdictions.

Citizens of Spain must pass such data to the authorities annually. It’s still unclear, how this information will be checked.

The government of Spain, which is now headed by Pedro Sanchez, supported the bill. If it is accepted, then those who do not comply with the new reporting rules will face a fine of up to 5,000 euros. Fines are assumed in the event that a citizen or a company will provide the tax authorities with incorrect data on their digital currency reserves.

Cryptocurrency trading is very popular in Spain. One of the first cryptoATMs was installed in this country in 2014. However, crypto mining and trading operations are still not subject to any charges in favour of the state.

At the same time, the Central Bank and the National Securities Commission refused to recognize cryptocurrencies as legal means of payment and warned that investments in these assets could lead to losses since fraudsters are operating in this segment of the economy.