(Bloomberg) -- Spain plans to require cryptocurrency investors to report their holdings and transactions whether in the country or offshore, to help control tax evasion.
The government today proposed new legislation on digital coins affecting anyone subject to Spanish taxes. The planned rules, which need to be debated and approved by Congress, were announced in a briefing on Friday by Isabel Celaa, spokeswoman for the administration.
Celaa revealed several anti-fraud measures simultaneously. Others would prohibit the granting of amnesty to tax evaders and the use of software for businesses that lets them hide some of their transactions.
The Socialist government would also require that cryptocurrency holdings be subject to reporting on Spain’s 720 disclosure form. That reporting mechanism, which has been challenged by the European Commission for the size of its penalties, imposes a 5,000-euro ($5,740) fine for every wrong or incomplete piece of data on any disclosure.
To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net
To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Charles Penty
©2018 Bloomberg L.P.
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