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New Spanish Tax Guidelines Target Foreign Crypto Accounts

New Spanish Tax Guidelines Target Foreign Crypto Accounts
New Spanish Tax Guidelines Target Foreign Crypto Accounts

Spanish residents holding cryptocurrencies on foreign platforms will soon be required to report those assets under recently published tax guidelines.

The Spanish Tax Administration Agency announced the new Form 721 - a declaration form specifically for declaring virtual assets stored on overseas exchanges or wallets. While the submission period runs from January 1st through March 31st, 2024, the declarations must account for crypto funds held as of December 31st, 2023.

The tax reporting requirement applies to individual taxpayers and corporations domiciled in Spain. However, only individuals with more than 50,000 euros worth of crypto - approximately $55,000 - must file.

This marks Spain's latest move to tighten taxation on cryptocurrencies. In April, over 300,000 warnings were sent to cryptocurrency holders who failed to properly declare for the 2022 tax year, Cointelegraph reported. That number climbed 40% from 2021.

Spain has also advanced other crypto regulations this year. The Ministry of Economy stated that the EU's upcoming crypto legislation, MiCA, will take effect here in December 2025 - six months ahead of schedule.

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