A bill will require cryptocurrency holders residing in Spain to declare their holdings. Of course, any gains made from their assets will also need to be reported.
Maria Jesus Montero, spokesperson for the Spanish government, announced on Tuesday, October 13th. This bill is therefore part of a larger set of regulations aimed at cracking down on tax fraud. Congress received it on Tuesday and it will be discussed in parliament before being approved.
Maria Jesus Montero did not go into the details of the bill. But we know that Spanish residents will have to declare everything. Thus, it concerns the acquisition, transmission, exchange, transfer and collection of crypto assets, as well as payments.
Citizens will therefore have to provide detailed information on the balances of their crypto accounts, but also on transactions carried out in crypto-assets.
In April 2020, AEAT (Agencia Estatal de Administración Tributaria), the Spanish tax administration, sent a notification to 66,000 cryptocurrency holders. She recalled the obligation to declare their digital heritage.
The tax on gains made from cryptos is between 19 and 23%. The 23% rate applies to profits of over 50,000 euros.
This announcement comes just after the symbolic donation of one euro in bitcoin to 350 Spanish congress deputies last week. Through this action, Tutellus, the blockchain education platform, and the Blockchain Observatory wanted to highlight “the important role of cryptocurrencies today”.