When Spain's current tax law reforms come into effect, the Spanish Treasury will be given the power to seize crypto assets when enforcing taxpayers' debts.
Under the proposal, first proposed in 2021, Spain's tax watchdog Agencia Tributaria will consider digital asset entities as tax collection agents. This means these companies will have to comply with government enforcement and embargo their customers' cryptocurrencies and cooperate with authorities. This measure was previously required only for credit companies and traditional banks.
Cryptocurrency traders in Spain will also have to declare assets held in other countries, and authorities will be able to use crypto tax returns dating back to 2021 to recover unpaid amounts.
Last week, the Spanish government issued a Royal Decree formalizing new responsibilities for crypto companies. But the speed at which new measures are introduced is causing problems for regulators as they try to keep pace. Extensive crypto regulations to be implemented across the European Union (EU).
Read more: Spanish police say cryptocurrencies have become complicated after arrest of 'crypto jihadist'
Last October, Spain's Ministry of Economy and Digital Transformation announced that the EU-wide Cryptoassets Market Regulation (MiCA) would come into force in the country in December 2025. This is six months before the official deadline.
Spain is widely considered to be one of the front lines in Europe when it comes to cryptocurrency regulation. This country was one of the first in the EU to introduce it. Tax regulations for virtual currencies It also requires crypto traders and holders to declare their personal crypto income and holdings.
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