The Spanish crypto community might be forced by new legislation to be more open about their crypto earnings. According to a new proposed bill by the Spanish government, crypto investors may have to disclose all assets owned and profits earned.
According to a Reuters report, the bill aims to keep tax evasion and fraud to the barest minimum. Maria Jesus Montero, a government spokeswoman, revealed the information after a weekly cabinet meeting. Montero also suggested that the new crypto bill is only a part of a larger effort to tackle tax fraud in the country.
This is not the first time Spain is showing interest in the cryptocurrency sector. Back in 2018, the country’s Ministry of Finance began looking into the sector, to keep the country’s tax operations at an optimum level. Montero had said that the government was interested in identifying persons who hold crypto and also knowing how much holders had. Montero had said it was mandatory for all entities, including individuals and organizations, to inform the country’s tax agency about all earnings and profits derived from cryptocurrency.
Last month, the European Commission revealed its intention to create a regulatory framework for cryptocurrencies. In a bill dubbed the “Regulation on Markets in Crypto Assets”, there are guidelines for token holders and issuers for consumer security.
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