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Spanish Treasury Introduces New Crypto Tax Model Featuring Balance Reports

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The Spanish treasury has introduced a new series of requirements regarding the reporting and taxation of cryptocurrency holdings in the country. The new rules include the obligation of taxpayers to disclose all of their cryptocurrency holdings to the tax authorities, as well as their value in euros, including details of transactions with the addresses of origin and destination.

This is different from what was proposed before, where holders only had to declare the earnings of their trading operations, having no duty of presenting their crypto holdings. These rules will further apply to custody providers and cryptocurrency exchanges that would also have to provide this data to Spanish tax regulators.

Cryptocurrency transactions must also be reported, including the origin and destination addresses, with the type of cryptocurrency and its associated value.

However, the document establishes a minimum amount at which taxpayers would be required to give this data. If the cryptocurrency holdings of the citizen are under the value of €50,000 ($52,854), there will be no duty of presenting this information to the tax authorities.

With these new definitions, the Spanish authorities are now en route to creating a Model 721 that would define all of the duties for crypto holders inside and outside of the country. The rules, if approved, will be applied starting in 2023, but taking the movements made during 2022 into account.

What do you think about the new crypto rules proposed by the Spanish treasury? Tell us in the comments section below.

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