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Spain will be able to seize crypto assets to pay tax debts

Market and Events: Spain will be able to seize crypto assets to pay tax debts

The Ministry of Finance of Spain intends to strengthen supervision of cryptocurrencies in the country, seeking to arrest digital assets to pay off tax debts. This is reported by local media.

According to the statement, the Finance Ministry will introduce reforms that will allow the Spanish Tax Agency to identify and seize #cryptoassets belonging to taxpayers in arrears.

In addition, the country intends to take stronger measures against tax evasion. The Spanish Treasury plans to oblige banks and institutions dealing with electronic money to provide comprehensive reports on all card #transactions.

Recall that Spanish citizens who own crypto-assets and store them on foreign platforms must declare their funds by 1 April 2024. According to the new rules, only persons whose balance exceeds 50,000 euros in equivalent must declare their cryptocurrencies.

In addition, at the end of January 2024, the official X (formerly Twitter) account of the #Spanish Embassy in Bosnia and Herzegovina saw comments related to some crypto projects.

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