Spain enforces new crypto tax law for foreign asset declarations
Spain introduces a new crypto tax regulation requiring residents to declare their crypto currency 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. You might also like: Changpeng Zhao resigns as chair of Binance.US Notably, the declaration requirement applies to those whose crypto currency holdings exceed €50,000. For those with crypto assets in self-custodied wallets, the existing wealth tax form, Form 714,...