Spaniards obliged to declare all cryptocurrency savings

The Council of Ministers of Spain approved a new version of the fight against fraud, which provides for the identification of cryptocurrency owners, their balance sheets and mandatory declaration of all available funds.

The Ministry of Finance also stated that citizens would additionally report to the Fiat or virtual assets placed in offshore. The closure of legislative lasers, allowing investors to not declare existing coins and tokens, is due to the fact that the Spanish budget critically needs additional funds. The country lacks reserves to cover social security and investment projects.

The government plans to solve the deficit problem by changing the tax legislation that will help attract an additional $ 969 million innovations affect the cryptocurrency market. The «tax of Tobin tax» provides for the introduction of a tax on the final earnings following the daytime trading session, regardless of the number of perfect transactions. A tax of 0.2% is also introduced on the purchase of quoted shares over 1 billion euros, but there is no explanation of whether these norms refer to virtual assets.

Control of the execution of new requirements will be engaged in a separate group consisting of 200 people. Spain will also expand the list of countries that are considered offshore.

In recent weeks, many countries declare significant transformations in the field of virtual currencies. Literally yesterday, the Japan regulator was provided by Crypto Industry