Spain has implemented a new regulation requiring Spanish citizens to disclose their cryptocurrency holdings held on foreign platforms for tax purposes. Individuals and businesses must report their holdings exceeding €50,000 by filling out a specific declaration form called Form 721. The reporting period is from January 1, 2024, to April 1, 2024, with the deadline being December 31, 2023. Those who self-custody their assets will report their holdings through the standard wealth tax form 714. This move aligns with Spain’s efforts to ensure effective taxation of cryptocurrency holders within its jurisdiction. The country has shown increasing interest in the crypto sector and aims to accelerate the implementation of the European Union’s Markets in Crypto Act. To foster a regulated crypto environment, Spanish authorities have granted regulatory licenses to platforms like Coinbase, Kraken, and Crypto.com. This development in Spain mirrors similar efforts by tax agencies in the UK and the US to tax crypto holders under their jurisdiction. The IRS in the US is seeking information from platforms like Kraken and Coinbase, while the UK government plans to introduce separate reporting for crypto taxes from next year.

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Information	Details
Geography	Europe
Countries	🇪🇸
Sentiment	neutral
Relevance Score	1
People	None
Companies	Kraken, Coinbase, Crypto.com
Currencies	None
Securities	None