The Government of Spain is working on a bill, according to which, crypto hodlers will be obliged to disclose their holdings and any gains booked on the assets, Reuters has learned, citing government spokeswoman Maria Jesus Montero.
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According to Montero, the new regulations will be just a part of a broader package of legislation focused on cracking down tax fraud. However, it is unknown when exactly Spain is going to tighten regulation.
In February 2019, the central bank of Spain, Bank of Spain, published a statement, claiming that cryptocurrency would not replace fiat currency since these types of assets "are not a common" as fiat.
The statement also highlighted a negative tone regarding the lack of supervision as the crypto industry is not fully regulated. Moreover, the bank reminded that cryptocurrency is an asset of high volatility, calling into question the cryptography of crypto-related products.
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