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Crypto crackdown in Spain Credit: Alesia Kozik, Pexels
Spain unveiled a proposed law that would track crypto assets of citizens who live abroad in order to combat tax evasion.
The proposal, sent to Congress on Tuesday, June 3, aligns with the European DAC8 directive and could bring in an estimated €2.4 billion, according to the European Commission.
Crypto platforms must disclose balances, transactions and users’ information
The new law will require crypto-asset services providers to share certain information with Spain’s Treasury including:
- Balances and transactions in cryptocurrency
- Tokens for purchase
- Payment platforms and electronic money
As reported by El EconomistaThe Ministry of Finance said: “This will mean greater control over these assets located abroad, and over balances.”
Spanish tax agency can now seize digital assets
A major shift in the proposal is that Spain’s Tax Agency will be allowed – for the first time ever – to seize crypto assets to collect unpaid debts. The agency was only able to act on money in traditional bank accounts until now.
The law also requires electronic money and payment institutions, like conventional banks, to report customers’ accounts.
When will it start?
Spain must translate the EU directive into Spanish law by December 21, 2020, and the measures will come into effect on 1 January 2026.
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