Spain has implemented a new tax regulation for cryptocurrencies. Accordingly, Spanish citizens will declare their crypto assets abroad until the end of March 2024. The regulation will concern crypto asset owners whose balance sheets exceed 50 thousand euros. Asset owners will report the details of their investments on platforms outside Spain.
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The Spanish Tax Administration Agency first announced the tax regulation in the official newspaper Boletín Oficial del Estado on July 29. Under the regulati, the filing period for the Form 721 declaration will start on January 1, 2024.
Individual and corporate taxpayers will declare their crypto assets abroad as of December 31, 2023. Investors who keep their assets in their own wallets will be subject to standard wealth tax.
Spain has recently accelerated its regulation efforts on crypto assets. A warning was sent to 328 thousand people who did not pay the crypto tax in the 2022 fiscal year.
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