Spanish publication ARA last week reported that Spain’s Ministry of Finance (Treasury) is in the process of drafting a new law that will impose stricter rules for cryptocurrency investors and exchanges.
The new law reportedly includes disclosure requirements for both investors and exchanges.
For example:
- investors will have to report the type and number of units of each crypto they hold, and its approximate valuation in euros
- Spanish taxpayers will also be obliged to report details of their crypto transactions, including sender and recipient wallet addresses.
According to the draft law, this reporting obligation would come into force at the beginning of 2023.
Read more about crypto regulation in Spain and the EU: