Spain intends to compel citizens to declare all their existing scriptactive
While different approaches to regulation of cryptocurrency in the global and European scale have stalled at the forefront of initiatives of the national operators. So, Spain plans to require citizens to declare all available in bitcoin funds.
The relevant draft law endorsed by the Cabinet of Ministers of Spain. If the bill is passed, the Spanish citizens will have to disclose all the information about owning a cryptocurrency, said the country’s Finance Minister maría jesús Montero.
According to her, this requirement will apply to all types of investments in the crypt, including those implemented in other jurisdictions. The Spaniards will have to specify all your cryptocurrency assets in the annual return.
We are talking about the form of the reporting No. 720, used to report on investments made by Spanish citizens in other countries. For filing incomplete or false information, a penalty of up to €5 thousand.
Currently the situation with the taxation of cryptocurrency transactions in Spain remains quite uncertain, as in the whole Europe.
Proceeds from the sale of cryptocurrencies are subject to tax on income of natural persons, but the authorities suspect that the transaction is in the crypt are also used to evasion of other taxes, e.g. VAT. Mining cryptocurrencies while not taxed, but the prospects here are also quite vague.
With regard to the regulation of cryptocurrencies as a whole, there is also quite an ambiguous situation. In August, Banco de Espana released a report in which, for example, called the blockchain and CBDC quite interesting and promising tools that can benefit the economy.
At the same time, the document contains a warning against digital currencies in General. In addition to traditional concerns about the possible threat to the financial system, the authors clearly indicate that banks simply do not understand what a cryptocurrency, and do not know how to work with them.
Informed BDE warned citizens about the fact that cryptocurrencies are not in Spain legal means of payments, and that cryptocurrency transactions involve a risk of fraud and digital currencies are susceptible to volatility.
Also note that all these warnings have not had a large effect on the capital of Catalonia — Barcelona in early October began pilot tests of its own municipal stablon Rec.