Spain enforces new crypto tax law for foreign asset declarations

Spain introduces a new crypto tax regulation requiring residents to declare their cryptocurrency holdings on foreign platforms by March 2024.

Spain has introduced new tax regulations requiring residents to declare cryptocurrency holdings on foreign platforms. This directive was issued by the Spanish Tax Administration Agency, Agencia Tributaria, which has created a specific tax form, Form 721, for declaring virtual assets held overseas. 

The regulations stipulate that both individual and corporate taxpayers in Spain must report the value of their cryptocurrency holdings on foreign platforms as of Dec. 31. The reporting period for this declaration begins on Jan. 1, 2024, and concludes at the end of March 2024.

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Notably, the declaration requirement applies to those whose cryptocurrency holdings exceed €50,000. For those with crypto assets in self-custodied wallets, the existing wealth tax form, Form 714, is to be used for declaration purposes.

This move is part of the Agencia Tributaria’s broader initiative to monitor and tax cryptocurrency assets more effectively. In April 2023, the agency issued 328,000 warnings to residents who failed to declare their crypto assets, reflecting a significant increase from the 150,000 warnings issued in 2022. The escalating number of warnings underscores the agency’s growing focus on ensuring compliance with crypto tax regulations.

Read more: Bitrace highlights rising crypto fraud risk as trading platforms introduce web3 wallets
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