Spain requires cryptocurrency declaration if holdings exceed €50,000!

author: Mustafa Mullah

Mustafa has been writing about blockchain and cryptocurrencies for several years. He has previous trading experience and has been working in the fintech industry since 2017.

November 28, 2023 19:50

Spain’s National Tax Service has introduced a new tax form requiring Spanish citizens to disclose their cryptocurrency holdings on foreign exchange if the total value of the digital assets exceeds €50,000 ($55,000). The move comes as part of a crackdown on tax evasion through cryptocurrencies, which have become widely popular in recent years. The new form, known as Modelo 720, is part of Spain’s wealth tax and applies to individuals who own assets outside Spain. Failure to declare cryptocurrency assets on the form may result in a penalty of up to 150% of the unpaid taxes. The deadline for submitting the form is March 31 each year.