April

New Spanish legislation is set to require residents holding cryptocurrency assets on foreign platforms to report their holdings by March 31, 2024. 
The Spanish Tax Administration Agency, commonly referred to as Agencia Tributaria, has introduced Form 721, a tax declaration form designed for virtual assets held abroad. 
This new regulation was initially announced in the Boletín Oficial del Estado, Spain’s official state gazette, on July 29, 2023. 
Starting from January 1, 2024, and continuing until the end of March, individuals and businesses are mandated to disclose the amount of funds they have stored in foreign crypto accounts as of December 31, 2023. 
However, the reporting requirement applies only to individuals with crypto assets valued at over 50,000 euros, which is approximately $55,000. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/bankless-co-founders-propose-separation-from-banklessdao-amid-grant-controversy/">Bankless Co-Founders Propose Separation from BanklessDAO Amid Grant Controversy</a> 
Those who hold their assets in self-custodied wallets are required to report their holdings using the standard wealth tax Form 714. 
The Agencia Tributaria has intensified its efforts to ensure compliance among local crypto asset holders. 
In April 2023, it sent out 328,000 warning notices to individuals who had failed to pay taxes on their crypto holdings for the 2022 fiscal year, representing a 40% increase compared to the previous year’s 150,000 warnings. In contrast, in 2021, there were only 15,000 notifications. 
Spain is taking proactive steps to establish comprehensive regulations for the cryptocurrency sector. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full is-resized">
 <a href="https://imperium-comms.com/crypto-promo/"><img loading="lazy" decoding="async" width="336" height="280" src="https://cryptointelligence.b-cdn.net/wp-content/uploads/2023/11/imperium_comms_336x280.png" alt="" class="wp-image-8665" srcset="https://cryptointelligence.b-cdn.net/wp-content/uploads/2023/11/imperium_comms_336x280.png 336w, https://cryptointelligence.b-cdn.net/wp-content/uploads/2023/11/imperium_comms_336x280-300x250.png 300w" sizes="(max-width: 336px) 100vw, 336px"></a>
 </figure>
</div> 
In October, the Spanish Ministry of Economy and Digital Transformation announced that it would implement the Markets in Crypto-Assets Regulation, the European Union’s first comprehensive crypto framework, at the national level in December 2025, six months ahead of the official deadline. 
Furthermore, in November, Spain’s primary financial regulator, the National Securities Market Commission, initiated its first case against a technology provider for breaching crypto promotion rules. 
These regulatory developments reflect Spain’s commitment to ensuring the responsible and transparent use of cryptocurrencies within its borders. 
<a href="https://www.cryptointelligence.co.uk/crypto-intelligence-blockchain-council/">Discover the Crypto Intelligence Blockchain Council</a>

Spain Implements New Crypto Reporting Requirement for Residents Holding Assets Abroad

Crypto Intelligence

Other articles published on Nov 29, 2023

Crypto: ICP Announces Major Breakthrough with Imminent Ethereum Integration

Ripple (XRP) Price Drop: What Does This Bearish Rejection Mean for the Future Trend?

A List of the Most Popular Crypto Games Ever

AI Token Market Sees 200% Surge in Trading Volume, Crossing $3B

Paxos Secures Preliminary Approval from ADGM to Offer Services in UAE

KRYZA News and KRN Token Officially Joining GOOGLE News

Join our free newsletter for daily crypto updates!