Spanish cryptocurrency investors will have to report their assets for taxation in accordance with the new law approved by the government on Friday, October 19.
“It is stated as mandatory that people and companies inform the Tax Agency about this operation,” says country’s finance minister María Jesús Montero.
For tax purposes, the government wants to get “identification of the holders and the balances contributed by these virtual currencies.”
Spain has stepped up its efforts to formalize the cryptocurrency sector this year, in April, by sending user identification requests to at least sixty enterprises involved in the crypto economy.
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