Spain Mandates Declaration of Overseas Cryptocurrency Holdings
Date: 2023-11-30 Author: Dima Zakharov Categories: IN WORLD
New Declaration Requirement for Cryptocurrency Holdings in Spain
Spain has set a deadline for its residents holding cryptocurrencies on foreign platforms to declare their assets, marking a significant move in tax regulations. The country's tax administration, Agencia Tributaria, unveiled a new tax declaration form for reporting the movement of virtual assets held by its citizens on international crypto platforms.
Reporting Deadline and Requirements
Private and corporate taxpayers are mandated to declare the total amount stored in any offshore crypto accounts as of December 31, 2023. The regulator's requirements will come into effect starting January 1, 2024. Initially, the declaration applies to foreign crypto assets exceeding the equivalent of 50,000 euros.
Efforts Towards Unified European Crypto Regulations
Earlier, Spain's First Vice President, Nadia Calviño, acting as the Minister of Economy and Digital Transformation, expressed the government's intent to reduce the transition period for implementing the unified European crypto regulations under MiCA.
