Spaniards forced to reveal the truth about cryptocurrency savings

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Spaniards forced to reveal the truth about cryptocurrency savings

Spanish authorities want to restore order in the cryptocurrency industry and force all citizens to provide information about their digital assets.

The corresponding bill was approved in the government of Spain, said Bitcoin.com citing local news sources. The main objective of the document will be the fight against tax evasion on income derived from transactions with digital money.

Supporter of the introduction of such a stringent bill is the Minister of Finance Maria Jesus Montero. She believes that it is necessary to force all citizens to provide the tax authorities information on the availability of digital assets not only in Spain but also in foreign jurisdictions.

These data are the Spaniards must pass on to the authorities annually. Montero said:

The law stipulates that all people and companies should be forced to provide the tax authorities information about its crypto operations.

The government of Spain, which is now headed by Pedro Sanchez, supported the bill. If it will, then the persons not complying with the new reporting rules will face a fine of up to 5,000 euros. Fines are assumed and in that case if the citizen or the company will provide to the tax authorities incorrect information about their holdings of digital currency.

Cryptocurrency trading in Spain enjoys great popularity. One of the first cryptomate was installed in this country in 2014. However, captaining and trading still exempt from any charges in favor of the state.

Meanwhile, the Central Bank and the national securities Commission refused to recognize the cryptocurrency as legal tender and warned that investment in these assets may lead to losses, as in this segment of the economy are crooks.

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