Individuals and legal entities must submit documents by March 31 next year

Spaniards were obliged to declare assets on foreign crypto exchanges worth more than 50 000 EUR

28.11.2023 - 15:19

130

1 min

What’s new? Spain has updated its cryptocurrency tax rules, which require residents of the country to declare their digital assets on foreign platform accounts if their value exceeds 50 000 EUR. For this purpose, a special Form 721 has been published, which individuals and legal entities need to fill out between January 1 and March 31, 2024. If assets are held on non-custodial wallets, on the other hand, they are reported via the standard Form 714 for wealth tax.

Form on the website of the tax service

What else is known? The initiative comes as officials step up efforts to increase tax collection. In April, for example, the service sent out 328 000 notices to individuals who failed to pay taxes on cryptocurrency for the previous fiscal year.

Along with this, regulation of the sector is being actively implemented. Thus, in October, the Ministry of Economy and Digital Transformation reported that the common European Union law, Markets in Crypto Assets (MiCA), will enter into force in Spain in December 2025. The final date of its implementation in the territory of the bloc is scheduled for May 2025. 2026.

In early November, Spain’s securities regulator filed its first case against a cryptocurrency company for violating marketing rules. It is alleged that the firm Miolos failed to submit its promotional materials for last year’s campaign to the regulator’s scrutiny, and also failed to warn potential clients about the risks of investing in crypto assets.

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