Spanish residents with crypto assets on non-Spanish platforms will be required to declare them from 31 March 2024 under recently published tax guidelines.
Spain’s Tax Administration Agency, known as Agencia Tributaria, has published a tax declaration form for virtual assets overseas, form 721, initially announced in the official state gazette back in July.
Submissions for a form 721 declaration will get underway on 1 January 2024 and end on the last day of March, Cointelegraph reports. Individuals and businesses are required to declare the amount of funds stored in overseas crypto accounts from 31 December 2023.
However, only individuals with over €50,000 worth of crypto must file
The Agencia Tributaria has recently stepped up efforts to charge local holders of crypto assets. In April this year, 328,000 warnings were issued to individuals who didn’t pay their taxes on crypto for the 2022 financial year.
This number has increased by an annual 40%, with a total of 150,000 warnings issued in 2022, compared to 2021 with just 15,000.
Spain has also pressed ahead with other crypto regulations in 2023. According to the Ministry of Economy, the European Union’s upcoming crypto legislation, the MiCA (Markets in Crypto assets) framework, will come into effect in the country in December 2025, six months ahead of schedule.
The deadline for implementing MiCA for all 27 EU member states is July 2026. This includes the transitional period of 36 months given to member states since the date MiCA was published in the Official Journal of the European Union in June 2023.
In addition, earlier this month, Spain’s main financial regulator, the National Securities Market Commission (CNMV), opened its first case against a tech provider for violating crypto promotion regulations.
The CNMV started “sanctioning proceedings” against Miolos for two “massive” publicity campaigns last year. The company is accused of non-compliance with crypto rules set in January 2022, not having included any risk warnings or gained approval for the campaigns from the CNMV.
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