Spain’s Ministry of Finance intends to enhance its oversight of crypto assets to enable their confiscation for settling tax debts, according to El Economista.
The initiative is part of reforms to the General Tax Law.
A Royal Decree that took effect on February 1 expanded the number of organizations authorized to collect taxes. Previously, only banks, savings banks, and credit cooperatives were required to report to the Ministry of Finance.
The Treasury also plans to take a more aggressive stance against tax evasion. The agency aims to compel banks and electronic money institutions to provide information on all payment card transactions.
Spanish residents holding any cryptocurrencies on foreign platforms must file a tax return by the end of March, reflecting their holdings as of December 31, 2023.
This requirement applies to individuals whose digital assets exceed the equivalent of €50,000 (~$54,000).
In January, German police seized nearly 50,000 BTC ($2.17 billion at the time of writing) obtained from illegal activities.