Bitcoin tax evasion, crypto tax evasion, Europe, Spain, spain bitcoin regulation, spain crypto tax, spanish bitcoin

The State Agency for Tax Administration of Spain published guidelines to reduce tax evasion for cryptocurrencies, such as bitcoin. The document is part of the general program of the so-called Annual Tax and Customs Control Plan.

Spanish Tax Authorities Could Ask Local Exchanges for Customers Data

According to the paper, the Spanish Treasury’s entity seeks to apply three measures, as the crypto markets’ hype generates “tax risks.†That’s why the agency expects to gather information as countermeasures against tax-related crimes.

The watchdog is looking with the first measure to ask for information from the local crypto exchanges about digital asset holders. The document clarifies they’re pursuing such measures to incentivize the voluntary tax payments on crypto transactions.

The second input made by the Treasury’s entity reads as follows:

But the state-backed agency wants to go beyond the national boundaries. The paper says the Treasury’s plan aims to “strengthen international cooperation†by participating in international forums with the third measure.

The purpose of such a move is to “gather more information†related to cryptos and other digital assets, the paper explained.

Future Initiatives to Take Place for Incentivizing the New Era of ‘Digital Money’

The Spanish Treasury also raised concerns about how technological advances facilitate criminal organizations to pursue financial crimes through cryptos. However, the paper also unveils that Treasury is aware of the growing crypto adoption, specifically in Europe:

The Annual Tax and Customs Control Plan plans to strengthen the initiatives to promote collaboration with service providers and e-commerce platforms to adopt new digital money solutions.

What do you think about the Spanish Treasury’s paper? Let us know in the comments section below.

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