The Spanish Ministry of Finance has just reported it intends to seize digital assets and settle tax debts in order to increase its control over cryptocurrencies.
The Ministry is implementing a series of reforms to the General Tax Law, specifically Article 162, which will allow the tax agency to identify and confiscate crypto assets belonging to taxpayers with outstanding debts.
Since the introduction of a royal decree last February 1, the number of entities with collection powers is now greater. Previously, only banks, savings banks and credit cooperatives were able to provide information to the agency.
In addition, the Ministry intends to oblige banks and electronic money institutions to report all card transactions.