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Spanish Bill Will Prevent Crypto Tax Fraud
Summary: Spanish politician María Jesús Montero announced in a cabinet meeting today the preparation of a new bill that will tax Spanish cryptocurrency owners, according to AMBCrypto. The bill will aim to prevent tax fraud by mandating that Spanish crypto holders disclose their holdings and profits and by defining Spanish taxation practices with respect to crypto more ...
Spanish politician María Jesús Montero announced in a cabinet meeting today the preparation of a new bill that will tax Spanish cryptocurrency owners, according to AMBCrypto. The bill will aim to prevent tax fraud by mandating that Spanish crypto holders disclose their holdings and profits and by defining Spanish taxation practices with respect to crypto more clearly, putting an end to past issues involving lack of disclosure and the varying and somewhat unpredictable capital gains tax rates for Spanish crypto holders that have been in place until now.
Plans for the bill come in the wake of attempts in both Spain and the U.S. to educate governments, especially lawmakers, about cryptocurrency by distributing small amounts of crypto to members of Congress. The future Spanish bill also mirrors the European Central Bank's larger plan for the potential development of a digital Euro, given the increasing prominence of cryptocurrency and the impact of COVID-19 on trade and payment practices.
By Isaac Goluboff
Tags: Capital Gains Tax,Crypto,Digital Euro,European Central Bank,Spain,tax fraud
Link: Spanish Bill Will Prevent Crypto Tax Fraud [Copy]
