Spain: The Ministry of Finance strengthen its control over cryptocurrencies

The Ministry of Finance strengthens its control over cryptocurrencies and any type of currency and digital asset, such as NFTs, and aims to be able to seize these assets in the event that users or companies have debts with the Administration.

The institution chaired by María Jesús Montero proposes to reform the General Tax Law , in particular article 162, so that the Revenue Agency, when executing a user debt, can count on these digital assets. Likewise, it also proposes to amend the General Collection Regulation to “allow the ability to embargo digital assets.”

Another step that makes it easier for the Treasury to seize these digital assets is that it already has information about cryptocurrencies held by taxpayers.

Starting this year and for the first time, individuals and companies are required to declare digital currencies they own abroad to the Treasury.

From February 1, following a Royal Decree, the field of entities designated to carry out tax collection activities will be expanded.

Previously, only banks, savings banks and credit unions were allowed to report to the Treasury.The Ministry now plans to expand its efforts to combat tax evasion by requiring banks and fintech electronic money institutions to provide information on all card transactions.

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