The Spanish government announced today that it is drafting a bill that will force cryptocurrency holders. According to Reuters, Spanish citizens have to disclose their earnings through crypto assets as well as their assets.
The new rules are part of a broader government strategy to prevent tax fraud, according to government spokesperson Maria Jesus Montero. In June this year, the Spanish government began amending the country’s anti-money laundering and terrorist financing laws to align with the EU’s 5th Anti-Money Laundering Directive. These regulations require cryptocurrency exchanges to be registered with the regulatory authority of a country. In addition, crypto exchanges must also carry out regulatory KYC procedures.
Congress members will also have to report
The announcement made today came just after a cryptocurrency company sent Bitcoin to members of the Spanish Congress of Representatives. It was reported that all 350 members of the congress were sent Bitcoin as part of an attempt to improve the understanding of Bitcoin and crypto money. If the new law is passed, members will have to report their Bitcoin.
According to a previous report, Spain has the highest cryptocurrency adoption rates in Europe, with a rate of 10%, according to the Statista Global Consumer Survey.