Spanish Laws Require Declaration Of Crypto Assets
The Spanish Tax Administration Agency has introduced new regulations requiring individuals and corporations to declare their crypto holdings abroad by March 31, 2024. This move is part of Spain’s efforts to regulate and tax cryptocurrency transactions within its borders.
Spanish residents holding crypto assets on non-Spanish platforms must submit their declarations using the newly introduced Form 721, which will begin on January 1, 2024, and conclude on March 31, 2024. The amount of funds stored in foreign crypto accounts must be reported by December 31, 2023. The minimum threshold for obligatory declaration is 50,000 euros approximately $55,000 for individuals with crypto assets exceeding 50,000 euros.
(With inputs from Shikha Singh)
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