As part of its efforts to capture tax dollars and curtail fraud and tax amnesties, the government of Spain has passed new anti-fraud laws requiring the mandatory declaration of cryptocurrency holdings and the documentation of all “operations” involving them, ABC Economyreports.
Minister of Finance, María Jesús Montero, announced last week that the new laws will require Spaniards “with currency abroad” to declare it, including holdings of Bitcoins and other cryptocurrencies, which can be transmitted over international lines via the Internet.
The new laws will also require, “the identification of the holders and the balances (held in) these virtual currencies,” said Montero.
The law will reportedly not close off access by Spaniards to all tax amnesty, though some may have to be reconsidered, says ABC Economy:
“(T)ax amnesties may continue to be approved, although this will require reforming the current anti-fraud law, which introduces a new obstacle, but little else.”