Crypto:
29757
Bitcoin:
$67.023
% 0.30
BTC Dominance:
%54.3
% 0.12
Market Cap:
$2.43 T
% 0.29
Fear & Greed:
73 / 100
Bitcoin:
$ 67.023
BTC Dominance:
% 54.3
Market Cap:
$2.43 T

Spanish Citizens Will Declare Foreign Crypto Assets!

Spanish Citizens

Spanish citizens, according to new tax laws regulating the declaration of foreign crypto assets abroad, the declaration period has been extended until March 31, 2024. The Spanish Tax Administration Agency announced significant regulations in the tax declaration process for foreign crypto assets abroad, along with the amendments it published in the official state gazette, Boletín Oficial del Estado, on July 29, 2023.

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Applications for tax declaration will start on January 1, 2024, and will end on March 31st. Individual and corporate taxpayers will be required to declare the amount of assets they hold in their crypto accounts abroad as of December 31, 2023.

Individuals with crypto assets abroad worth more than 50,000 euros will be subject to the obligation to declare these assets. Investors who store their crypto assets in private wallets will make their declarations using the regular asset tax form.

Spanish Citizens

The Spanish Tax Authority has recently increased its efforts in collecting taxes from local crypto asset owners. In April 2023, warnings were sent to 328 thousand people who did not pay crypto taxes for the 2022 fiscal year. This represents a 40% increase compared to 2022, when 150 thousand warnings were sent. In 2021, only 15 thousand notifications were made.

The country is actively moving by implementing various regulations with the aim of controlling cryptocurrencies. In October, the Spanish Ministry of Economy and Digital Transformation announced that the Crypto Asset Markets Regulation, a first in the European Union, will come into effect six months before the officially announced date, ie December 2025.

In November, the Spanish National Securities Market Commission filed its first lawsuit against a technology provider on the grounds that it violated cryptocurrency promotion rules.


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