Spain’s Tax Authorities to Soon Ask for Crypto Usernames and Bank Accounts

According to the local media reports in Spain, the Spanish tax authorities have started sending requests to more than 60 companies to collect information about the cryptocurrency investors in the country.

Spanish authorities have already contacted over 16 banks, about a dozen of cryptocurrency exchanges, and almost a dozen of companies which run cryptocurrency ATMs. Apart from these organizations, more than 40 businesses have been contacted which accept online payments in cryptocurrencies.

Authorities seek granular information pertaining to cryptocurrency transactions and also the parties which are involved in executing the transaction. The details requested include the bank accounts of the clients of the businesses, their identities, information about their credit cards, the amount of cryptocurrencies exchanged as well as the exchange rates which were involved in carrying the transactions out.

The data requests are just a prelude to more formal monitoring and investigations which can potentially be carried out by the authorities later. Authorities are already carrying out an analysis on the use of cryptocurrencies domestically.

Following the market’s surge to above 800 billion USD in terms of value in the first quarter of 2018, there is a heightened interest in cryptocurrencies among tax agencies around the globe.

The government of Spain has been keen to prepare a blockchain-friendly legislation which would include tax breaks in order to attract companies to the blockchain technology sector.

ICOs and token sales are one of, if not the, hottest trends in the blockchain industry. ICOs and token sales have permitted a lot of companies to raise tens and thousands of millions of dollars in a very short space of time, bypassing any need for prior regulatory approval.

Spain is just one of the many countries which have plans of introducing crypto tax frameworks for crypto enthusiasts. CoinFrenzy covered the crypto tax framework in South Korea here. To stay updated on the latest updates about the crypto world, subscribe to our newsletter below!


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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.