Spain releases guidelines for minimising crypto tax evasion risk

Friday 5 February 2021 14:04 CET | News

The State Agency for Tax Administration of Spain has published guidelines to reduce tax evasion for cryptocurrencies, such as bitcoin, according to

The document is part of the general program of the so-called Annual Tax and Customs Control Plan. According to the paper, the Spanish Treasury’s entity seeks to apply three measures, as the crypto markets’ hype generates ‘tax risks.’ That’s why the agency expects to gather information as countermeasures against tax-related crimes.

The watchdog is looking with the first measure to ask for information from the local crypto exchanges about digital asset holders. The document clarifies they’re pursuing such measures to incentivise the voluntary tax payments on crypto transactions.

The second input made by the Treasury’s entity reads as follows: ‘Systematisation and analysis of the information obtained, in order to facilitate the actions to control the correct taxation of the operations carried out and the origin of the funds used in the acquisition of cryptocurrencies.’ The paper says the Treasury’s plan aims to ‘strengthen international cooperation’ by participating in international forums with the third measure.

The purpose of such a move is to ‘gather more information’ related to cryptos and other digital assets, the paper explained.

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Keywords: Spain, treasury, guidelines, regulations, cryptocurrency, tax evasion , fraud, data privacy, data sharing, crypto exchange, Digital Asset
Categories: DeFi & Crypto & Web3
Countries: Spain
This article is part of category

DeFi & Crypto & Web3