Spain Approves Law Asking Citizens To Disclose Crypto Holdings

Crypto Holdings

Spain Approves Law Asking Citizens To Disclose Crypto Holdings

Crypto Holdings

The Spanish Ministry of Finance has dealt with a legal lacuna allowing Crypto Holdings and other cryptocurrencies to skip asset declaration laws.

Announcing a draft anti-fraud law approved by the Council of Ministers earlier today, Finance Minister María Jesús Montero explained that the new law will mandate “the identification of the holders and the balances contributed by these virtual currencies,” obligating crypto asset holders to declare all cryptocurrency asset holdings.

According to ABC.es, Montero further stated that all Spaniards with offshore currency holdings in fiat or crypto must declare these holdings in an annual declaration to Spain’s Agencia Tributaria.

The draft law is intended to raise a further 850 million euros in tax revenue at a time when Spain is in desperate need of extra government revenue to fund investment and welfare spending in a country with 33.8 percent youth unemployment.

To assist revenue generation efforts, the Spanish government has introduced a draft bill to impose a 0.2 percent tax on purchases of listed shares valued at more than a billion euros.

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