New law wants Spanish citizen to declare all their cryptocurrency holdings
The Spanish government has drafted a law which forces its citizens to declare their cryptocurrency they hold. This law was put forward by the Ministry of Finance which was approved on the 19th of October as reported by ABC Economica.
Spanish cryptocurrency holder would be breaking the law if they do not declare their holding to the government.
Ministry of Finance has made this law so that its citizen do not avoid any taxes. The government wants to know the cryptocurrency holders and how many coins they possess. The citizen would also need to declare their offshore cryptocurrency holdings.
However, the citizens who do not hold cryptocurrency worth more than $57,000 (€50,000) would not have to declare their assets to the government.
The casual trader is would not have to deal with this new law and a serious trader would need to declare his cryptocurrency to not fall into any legal trouble.