The Spanish Ministry of Finance Strengthens Control Over Cryptocurrencies
The Spanish Ministry of Finance, led by María Jesús Montero, is intensifying its surveillance of cryptocurrencies in the country. It is implementing legislative reforms to modify Article 162 of the General Tax Law. These reforms will allow the Spanish Tax Agency to identify and seize cryptocurrencies from taxpayers with unpaid tax debts.
New Entities Authorized to Collect Taxes
A royal decree that came into effect on February 1st has expanded the number of entities authorized to collect taxes on behalf of the Treasury. Previously, only banks, savings banks, and credit cooperatives were able to report to the Treasury.
The Treasury is also aiming to actively combat tax evasion by requiring banks and electronic money institutions to report all card transactions.
Regulatory Challenges and the European Framework
The speed at which these changes are being implemented presents regulatory challenges. Spain is taking a proactive approach by implementing various regulations to govern cryptocurrencies. In October 2023, the Spanish Ministry of Economy and Digital Transformation reported that the European Union’s first comprehensive framework for cryptos, MiCA, will be implemented at the national level in December 2025.
Spanish residents holding more than 50,000 euros worth of cryptocurrencies on foreign platforms must declare them to the tax authorities by the end of next month.
