SPAIN READIES REGULATION FOR CRYPTOASSETS AND GETS AHEAD OF THE EUROPEAN UNION
đȘđŠSpain is preparing to take a key step in the regulation of cryptocurrencies. The Council of Ministers is moving forward with the transposition of the European directive DAC8, which, when approved, will change the rules for tax cooperation between countries. One of the most relevant points is that the OECD's framework for the exchange of information on cryptoassets will be integrated into European Union legislation. This could give the Tax Agency (AEAT) more tools to control cryptocurrencies abroad and even carry out seizures in certain cases. Currently, the Treasury can seize cryptocurrencies like any other asset, although the challenge is to link them to the debtor and execute the seizure through platforms. With DAC8, control and communication between exchanges will be improved, facilitating the identification of cryptoassets and the automatic exchange of information between EU tax authorities, say Javier Ortega and MÂȘ JosĂ© GarcĂa-Serrano, partners in the tax department of the law firm Montero Aramburu GĂłmez-Villares Atencia. EU member states are obliged to implement the main rules of DAC8 in their national legislation by December 31, 2025, and the provisions will begin to apply from January 1, 2026, says Javier GarcĂa de la Torre, director of Binance Spain and Portugal. âSome EU countries are already working on the implementation of these measures,â says GarcĂa de la Torre. For cryptocurrency exchange platforms like Binance, the legislative change will imply different requirements for reporting information to the AEAT, he says. "Communication with the tax authorities is fluid and we are committed to complying with all current regulations to ensure a transparent and legally compliant operation," adds GarcĂa de la Torre.
