Attention! The Spanish Treasury could seize your cryptocurrencies, but how?
In a new measure that targets cryptocurrency holders in Spain, the Ministry of Finance proposes to reform the General Tax Law with the aim of being able to seize the crypto assets of those entities that have debts with the Administration.
The reform, which would be specifically aimed at article 162 of the Law, will seek to āenable the possibility of the seizure of digital assets,ā said the digital media El Economista.
How could the Spanish Treasury seize holders' cryptocurrencies?
In this sense, the Spanish Ministry of Finance aims to strengthen its control over cryptocurrencies and non-fungible tokens (NFT). Faced with the dilemma, the economist and tax advisor, JosƩ Antonio Bravo, pointed out through X (formerly Twitter):
āThe main problem is that many 'cryptoholders' have it in exchanges and custodians, which causes them to be confiscated. āNot your keys, not your coins.ā
Bravo also explained to his community of followers that āthe data obtained in cryptocurrency tax inspections is analyzed with Reactor, a Chainalysis product to perform traceability between blockchains.ā
Reactor software used to perform traceability between blockchains.
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