Spain Implements Stricter Reporting Rules for Cryptocurrency Holdings

Spain Implements Stricter Reporting Rules for Cryptocurrency Holdings



As countries worldwide are increasingly working on regulating the taxation of virtual assets, Spain has introduced new legislation that obliges its residents to report their cryptocurrency holdings on foreign platforms by March 31, 2024.



The Spanish Tax Administration Agency, known as Agencia Tributaria, has introduced a dedicated tax declaration form called form 721 for reporting virtual assets held abroad.



This recent announcement, published in the official state gazette on July 29, 2023, outlines the timeline for submitting form 721 declarations, which will run from January 1 to the end of March 2024. Both individual and corporate taxpayers must disclose the amount of funds they have in their foreign cryptocurrency accounts as of December 31, 2023.



It's worth noting that the reporting requirement applies only to individuals


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