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Draft legislation permitting Spanish to report cryptographic asset holding status will be approved

Draft legislation permitting Spanish to report cryptographic asset holding status will be approved

We found that Spain had approved a draft law aimed at preventing tax evasion, which obliges individuals and corporations to disclose and report cryptographic assets.

If the bill is passed, there seems to be an obligation to report the holding status of cryptographic assets in both Spain and overseas (offshore) from the tax reporting system “720 Disclosure Form”.

720 Disclosure Form is known for strict disposal to fraudsters and said that fines for each false report can be up to 5000 euros (equivalent to about 650,000 yen) .

Although Spain began taking strict measures to prevent tax evasion, profits from Bitcoin trading and mining are now tax exempt in the country.

In addition, the Central Bank of Japan and the Securities Regulatory Bureau also announced in February this year that they do not acknowledge Bitcoins and other cryptographic assets as statutory currency .

It is not clear whether existing laws and regulations such as those mentioned above will be abolished or changed together with the passage of this bill.

Article Source: Spain Approves Bill Requiring Disclosure of Cryptocurrency Assets

Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/spain-to-require-investors-to-report-their-crypto-holdings/

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