Investors and intermediaries obliged to declare cryptocurrencies

Investors and intermediaries obliged to declare cryptocurrencies

The Spanish Tax Office is finalizing a regulation to require investors and crypto asset service companies to declare all information about their virtual currencies in Spain and abroad from January 1, 2022 on an annual basis.

Hacienda is finalizing a specific regulation for cryptos. It is the intention that taxpayers who own digital assets and companies that focus on services in this sector will pass on their data regarding crypto assets to the Tax Authorities as of January 1, 2022. This is stated in the preliminary draft of the new decree under the Anti-Fraud Act, which was approved by the government last July and which is currently awaiting appeals. After that, the decree will be definitively approved and the tax declaration of cryptos will become mandatory.

According to the current text, persons and entities established in Spain and owning cryptos, as well as companies established in Spain and providing services related to the storage and transfer of digital assets, must submit an annual information declaration showing what amount of cryptos are involved.

From this year on, the Tax Authorities want to know the name, surname and tax identification of every person who has bought, owns or sold cryptos, as well as the balance of cryptos on December 31, 2022. The valuation of the assets in euros is determined on the basis of the established values ​​on major platforms as of December 31, 2022.

The obligation to provide information also applies to persons and companies that work as intermediaries in the crypto market and companies that facilitate collection and payment with cryptos. All operations must be tracked with the date, origin of the cryptos, destination and the commissions charged.

The government is currently working on a law that will also make it mandatory to report crypto assets abroad. Taxpayers in Spain must report to the tax authorities the name of the person or company managing their crypto assets abroad, but also which cryptos are involved and what the value is in euros on December 31, 2022.


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