🌋 Spain Seeks to Strengthen Oversight of Cryptocurrencies
posted 5 Feb 2024
The Spanish Ministry of Finance is drafting a bill aimed at the confiscation of digital assets to cover outstanding tax liabilities. The new regulations will allow investigators to track users' cryptocurrencies and freeze them for subsequent confiscation at the earliest opportunity.
Currently, only banks are obligated to report to the authorities. However, in its pursuit to clamp down on tax evasion, the government plans to require all financial and crypto companies to disclose every user transaction. For now, there is no requirement to declare cryptocurrencies if the transaction amount falls below $53,000.
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