In an effort to strengthen control and oversight in the world of cryptocurrency taxation, Spain has implemented new regulations requiring residents to declare their crypto assets held on non-Spanish platforms. The country’s tax agency has introduced a dedicated declaration form, known as Form 721, which individuals and businesses must use to report their holdings for tax purposes. The deadline for reporting is March 31, 2024, and the declaration period spans from January 1 to April 1 of that year. Only individuals with crypto assets exceeding $55,000 are required to report their foreign holdings. Those using self-custodial crypto wallets will need to disclose their holdings through the standard wealth tax form 714. This approach aims to balance regulatory oversight with the practicalities of different storage methods. Spain’s tax authority, Agencia Tributaria, has been stepping up efforts to enforce taxation on local holders of crypto assets, issuing a significant number of warning notices to individuals who failed to pay taxes on crypto in the previous fiscal year. These measures demonstrate Spain’s commitment to creating a comprehensive regulatory framework for the evolving crypto landscape within its borders. The country is also looking ahead to the implementation of the European Union’s Markets in Crypto-Assets Regulation, which will be enforced nationally in December 2025, six months before the official deadline. Spain is determined to stay ahead in crypto regulation and ensure a robust framework for the industry.

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Information	Details
Geography	Europe
Countries	🇪🇸
Sentiment	neutral
Relevance Score	1
People	None
Companies	Spanish Ministry of Economy and Digital Transformation, Agencia Tributaria
Currencies	None
Securities	None