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- Anyone who has more than $55,000 in cryptocurrency must report their abroad holdings.
- A new tax requirement in the form of form 721 was unveiled by the Agencia Tributaria.
Residents of Spain are now required under new regulations put in place by the Agencia Tributaria, the country’s tax administration, to report any cryptocurrency holdings stored on platforms outside of Spain. At the same time, anyone who has more than $55,000 in cryptocurrency must report their abroad holdings on the recently released tax form, Form 721.
Notably, this move, which will take effect on January 1, 2024, shows that Spain is taking the lead in regulating and taxing virtual assets, which is important since financial authorities across the world are paying more and more attention to the cryptocurrency market.
A new tax requirement is hitting Spanish citizens in the form of form 721 from the Agencia Tributaria, which requires anybody with large cryptocurrency holdings on platforms outside of Spain to report their wealth. Also, starting on January 1, 2024, submissions will be accepted until the newly stated deadline of March 31, 2024.
Increased Warning Notifications
It is worth mentioning that this action is a component of Spain’s larger endeavor to control the rapidly growing cryptocurrency industry inside the country. According to these rules, only anyone whose cryptocurrency holdings above $55,000 will be required to disclose their international holdings.
Also, the Agencia Tributaria is making a lot more of an effort to make sure that those who own crypto assets pay their taxes. There was a significant increase in the number of warning notifications delivered in April 2023, reaching 328,000 individuals, to those who had neglected to report their cryptocurrency profits for the fiscal year 2022.
New developments show that Spain is taking a holistic approach to crypto legislation, further solidifying its place as a leading player in the field.
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