RATE Group | Spanish Authorities Force Cryptocurrency Holders to Identify Themselves
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Spanish Authorities Force Cryptocurrency Holders to Identify Themselves

24 Oct Spanish Authorities Force Cryptocurrency Holders to Identify Themselves

Posted at 14:49h in Cryptocurrency News by

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Tremble in fear, Spanish cryptocurrency holders, the taxman is coming for you.

A recent report by ABC Economia indicates that authorities in the country are going to be clamping down on residents with crypto holdings.

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Currently, any profit derived from a cryptocurrency transaction is subject to income tax laws – although transactions made with Bitcoin specifically are exempt from value-added tax.

Regulators have now put forward a draft law, which the government approved last Friday, that will force cryptocurrency holders to identify themselves. They will also have to state how much cryptocurrency they have in their possession.

“It is stated as mandatory,” said Minister of Finance, María Jesús Montero, “that people and companies inform the Tax Agency about this.”

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