Spain Requires Crypto Declaration If Holdings Exceed €50,000!

Spain’s Tax Agency has introduced a new tax form that requires Spanish citizens to disclose their cryptocurrency holdings on foreign exchanges if the total value of their digital assets exceeds €50,000 ($55,000). The move comes as part of a crackdown on tax evasion through cryptocurrencies, which have gained widespread popularity in recent years. The new form, known as Modelo 720, is part of Spain’s wealth tax and applies to individuals who own assets outside of Spain. Failure to declare crypto-assets on the form could result in fines of up to 150% of the unpaid tax. The deadline for submitting the form is March 31st each year.