Spain changes its laws on cryptocurrency holdings: what you need to know
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Loading... - Manuel Gomez
- 11 Apr 2023
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The Spanish government has changed the rules on cryptocurrencies, here's what you need to know if you hold any and the tax implications it will have.
The Spanish government has changed its rules on declaring cryptocurrency. Previously holders of cryptocurrencies such as Bitcoin would only have to declare their profits made when they sold their currency, but this is all about to change.
What will change?
The rules now state that you must declare any cryptocurrencies you're holding on your annual tax return.
The change, made by Royal Decree 249/2023 issued on Tuesday, April 4th at the Council of Ministers meeting, alters obligations not only for taxpayers, but crypto service companies, including exchanges and wallet providers too, and is part of a broader government sweep to try and make virtual assets such as cryptocurrencies more taxable.
According to the government, the aim is that these new rules will "improve the tax control" of the possession and operation of cryptocurrencies,
Looking at the official government BOE, the stated aim is clear: to crack down on tax evasion, and any role that cryptocurrencies could play in it.
"The basic purpose of this decree is the incorporation into law of a series of regulatory amendments as a result of various changes made at the legal level by Law 11/2021 of 9 July on measures to prevent and combat tax fraud." Read More…
