Connect with us


Spanish citizens must have to declare foreign crypto assets from 2024



With increased regulation and government oversight on cryptocurrencies, Spanish citizens are now required to declare their foreign asset holdings. The Spanish Tax Administration Agency recently published a form called ‘Form 721: Informative declaration on virtual currencies located abroad’, which mandates the reporting of crypto assets held on non-Spanish platforms.

According to the official announcement from the Tax Agency, citizens have a submission window for Form 721 from January 1 to March 31, 2024. The agency, also known as Agencia Tributaria, emphasizes the importance of compliance with this new requirement.

As of December 31, 2023, both individual and corporate taxpayers are required to declare the amount of funds they hold in crypto accounts overseas. This announcement was previously made in July through the Boletín Oficial del Estado, the official state gazette of the Kingdom of Spain.

It’s important to note that this declaration applies to individuals with more than 50,000 euros in crypto assets, approximately equivalent to $55,000. Furthermore, individuals who store funds in foreign self-custody wallets must report their holdings using the standard wealth tax form 714.

Furthermore, the Agencia Tributaria has taken an active role in regulating cryptocurrencies and has stepped up its efforts to tax local crypto holders. In April, the Tax agency issued over 300,000 notices to entities that failed to pay their taxes for 2022. According to a report, “the number of notices increased by 40% annually, with 150,000 warnings in 2022. In 2021, there were only 15,000 notifications.”

In addition to the tax agency, the Spanish Ministry of Economy and Digital Transformation announced in October that the first comprehensive EU crypto framework will be fully implemented nationally in December 2025. This implementation is happening six months ahead of the official deadline.

Furthermore, the National Securities Market Commission has initiated its first case against a technology provider for violating crypto promotion regulations.

In general, authorities in Spain are actively advocating for crypto regulation and penalizing providers who fail to comply with the established guidelines.

Read also;

Which is better – Modular or Integrated blockchain? Expert speaks

What do you think of this article? Share comments below.

0 0 votes
Article Rating
Click to comment
0 0 votes
Article Rating
Notify of

Inline Feedbacks
View all comments

Latest Episode on Inside Blockchain

Crypto News Update

Crypto Street



ALL Sections

Recent Posts

Would love your thoughts, please comment.x