Spain increases surveillance on Bitcoin and altcoins


Spain is in preparation to require citizens to report Bitcoin and altcoin assets. Even if these assets are kept on overseas platforms, they will have to be declared.

According to local news outlet El Economista, the country’s tax authority is preparing to implement these decisions from this year.

There is already a practice in Spain called “Model 720” that requires citizens to report their presence abroad. With Model 720, if citizens receive money from companies located abroad, own real estate abroad or use bank accounts in other countries, they should report them by filling out the form. Now this application is being expanded to cryptocurrencies.

In case of breach of the obligation to report assets abroad, a fine of 5,000 euros is imposed for each of the data to be disclosed.

The state will determine these obligations by using technologies such as artificial intelligence, big data and data mining. Supercomputers are also used to scan data and identify tax evasion.


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