The Spanish Ministry of Finance wants to strengthen control over crypto assets. New tax reforms aim to make it possible to confiscate crypto assets from indebted individuals. Spanish news channels report this.
Spain increases crypto supervision
In addition to confiscating crypto assets, more financial institutions will also have the power to collect taxes. Previously this was only possible for banks, savings banks and lenders. It is not clear exactly which entities are included here.
The government also wants to combat tax evasion with new measures. It will force banks and electronic payment services to report transactions.
These are big plans that have to be put into action in a relatively short period of time. The big question is whether this will all go smoothly. In particular, confiscating cryptocurrencies from indebted individuals appears to be much easier said than done.
Spaniards still have one month to report all their crypto holdings to tax authorities. This applies to individuals, but also to companies. Only people who hold more than $50,000 in cryptocurrencies on foreign platforms are required to declare their holdings. For self-governing Different rules apply to wallets. The new rules don’t seem to be very simple.
Spanish stablecoin plans
However, it is clear that Spain is aware of developments in the crypto sector. The country is making great progress both in terms of legislation and technology. In addition to crypto tax reforms, the Spanish central bank is also developing a stablecoin. This was announced last week.
This stablecoin, EURM, is backed 1:1 by euros managed by Spanish banks. The stablecoin is currently in a testing phase in which the functionalities need to be tested.
But the plans for EURM are big. The stablecoin pilot is “a step towards the complete digitalization of payment transactions.” According to a spokesperson for the project, using a stablecoin for payments is “more secure, programmable, cheaper, more democratic and more liberal” than current payment systems. Read more about these Spanish stablecoin plans in this article.
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