Cryptocurrency

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/spain-intensifies-cryptocurrency-oversight-with-new-tax-collection-measures" rel="noopener noreferrer nofollow">Spain Intensifies Cryptocurrency Oversight with New Tax Collection Measures</a><br></p>
<p style="text-align: justify">Spain’s Finance Ministry, under the leadership of María Jesús Montero, has revealed a strategy to strengthen <a href="https://en.bitcoinhaber.net/bitcoin-leads-the-charge-a-surge-in-crypto-markets-amid-etf-rumors" rel="noopener noreferrer nofollow">cryptocurrency</a> oversight within the nation. This move involves incorporating legal amendments to the General Tax Law, particularly Article 162, to empower the Spanish Tax Agency with the capability to pinpoint and appropriate crypto assets from individuals with outstanding tax liabilities.</p>
<h2 id="expansion-of-tax-authority-s-reach">Expansion of Tax Authority’s Reach</h2>
<p style="text-align: justify">A recent Royal Decree, effective as of February 1, has broadened the scope of entities authorized to conduct tax collection to include more financial institutions beyond banks and credit cooperatives. The Treasury of Spain is now preparing to escalate its fight against tax evasion by mandating that all banking and digital payment services provide detailed reports of card transactions, striving to close any existing loopholes in the tax collection process.</p>
<p style="text-align: justify">Further regulations are on the horizon with Spain’s Ministry of Economic Affairs and Digital Transformation scheduling the Markets in Crypto-Assets Regulation (MiCA), the EU’s comprehensive crypto framework, for early implementation by December 2025, preceding the European Union’s official timeline.</p>
<h2 id="reporting-obligations-and-international-cooperation">Reporting Obligations and International Cooperation</h2>
<p style="text-align: justify">Spanish residents holding crypto assets on international platforms are now obliged to report these holdings to the tax authorities by the end of March, following the initiation of the Form 721 declaration period on January 1, 2024. Declarations are necessary for individuals and businesses with crypto assets exceeding an equivalent value of around 54,000 dollars as of December 31, 2023. Those who store their cryptocurrencies in offline or ‘cold’ wallets are also required to report their holdings using the standard asset tax Form 714.</p>
<p style="text-align: justify">Throughout Europe, countries are progressing towards enhanced management of the cryptocurrency market, with efforts focused on safeguarding citizens and maintaining financial integrity. Spain’s recent initiatives represent a significant step in this continental trend.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/spain-intensifies-cryptocurrency-oversight-with-new-tax-collection-measures" rel="noopener noreferrer nofollow">Spain Intensifies Cryptocurrency Oversight with New Tax Collection Measures</a></h5>

Spain Intensifies Cryptocurrency Oversight with New Tax Collection Measures

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