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Spanish Council Of Ministers Approves Bill That Will Mandate Cryptocurrency Reporting
Summary: A new bill before Spain's parliment aiming to cut out illegal tax dealings may effect cryptocurrency rules in the nation, as reported by Cointelegraph. The new law "Draft Law on Measures to Prevent and Combat Tax Fraud" could mean smaller business transactions and mandatory crypto-asset reporting, even if holding digital assets abroad. The bill has been ...
A new bill before Spain's parliment aiming to cut out illegal tax dealings may effect cryptocurrency rules in the nation, as reported by Cointelegraph.
The new law "Draft Law on Measures to Prevent and Combat Tax Fraud" could mean smaller business transactions and mandatory crypto-asset reporting, even if holding digital assets abroad. The bill has been approved by the Spanish Council of Ministers, according to a briefing on October 13.
The bill also states that any business-related payment higher than 1000 euros must occur in electronic form, allowing the government to monitor transactions. Increased oversight from governments is one objection that has been raised against Central Bank Digital Currencies, an argument which seems to be supported by Spain's new bill.
By Emily Mason
Tags: Cryptocurrency Laws,Cryptocurrency Reporting,Spain,Spanish Council of Ministers
Link: Spanish Council Of Ministers Approves Bill That Will Mandate Cryptocurrency Reporting [Copy]
