Recently, the Spanish tax administration, Agencia Tributaria, announced new regulations, requiring the country's citizens to declare crypto assets owned and held on cryptocurrency platforms abroad.

Individual and corporate taxpayers must declare the amount of money stored on crypto accounts abroad as of December 31, 2023. The time to submit crypto asset declarations will start from January 1, 2023. 2024 and ends on the last day of March 2024.

Accordingly, Agencia Tributaria said Spanish citizens will declare via form 721 - used to declare taxes on virtual assets abroad, first introduced in the official gazette of the Kingdom of Spain on July 29, 2023.

However, this regulation only applies to individuals whose crypto assets exceed 50,000 Euros (equivalent to $55,000) who must declare foreign assets. For those who store their assets in self-custodial wallets, holdings must be reported through the regular 714 wealth tax form.

In April 2023, they sent 328,000 warnings to people who failed to pay crypto taxes in 2022. This was a 120% increase from 150,000 warnings a year earlier.

In October 2023, Spain's Ministry of Economy and Digital Transformation said that the Law on Markets in Cryptoassets (MiCA) would come into force nationwide in December 2025, six months before the main deadline awake.

Even a month later, the Spanish National Securities Commission (CNMV) opened its first case against a domestic technology provider for violating cryptocurrency advertising regulations.#Bitcoin. #Ethereum. #BNBChain $BTC $ETH $BNB