New Draft to Announce Spain-Based Guards Owning Crypto Assets

A new bill, which has just passed the financial committee of the Spanish convention, will require Spain-based custodians to declare ownership of controlled cryptocurrencies. Stuck in Congress for a while, the law aims to fill a loophole that allows some users to bypass requirements and avoid paying taxes. According to a new bill approved by the Finance Committee on Wednesday, Spain-based custodians must declare that Spain-based third-party custodians are expected to report all transactions with them as well as the assets of their customers. Spanish Congress. The law titled "Preventing and Combating Tax Fraud" will require reporting of cryptocurrency funds in these contexts and will also include individuals or entities associated with initial coin offerings. Until now, these institutions have not had to report any of their activities to the tax authorities, and the responsibility for this remains with the actual owners of the cryptocurrency. The current law requires users to report over $ 50,000 in cryptocurrency assets and income from their trading. The law also includes cryptocurrency exchanges in this area, so all cryptocurrency exchanges based in Spain must report the identity of their customers and the activities of each to the tax authorities. Having passed with 21 votes in favor and 14 against, the bill now goes to the Senate for approval or rejection. But the changes are not just about the regulation of cryptocurrencies. The tax authorities set new limits on the amount Spanish citizens can receive in the form of cash payments, reducing this amount to 1,000 euros for entrepreneurs and professionals and 2,500 euros for others. Tough Attitude Against Crypto This is another new rule that already complements it

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