The Spanish parliament has voted in favor of a controversial new law that will require citizens to report overseas crypto holdings, as the government appears ready to take “more control” over the crypto sector.
Per an official government release, the new law will oblige Spaniards “to report on holdings and operations with cryptocurrencies,” on tokens “both located in Spain and abroad” if the transactions “affect Spanish taxpayers.”
The government added that “information will be required on the balances and holders of the coins, as well as on all types of operations that have been carried out with them.”
“I am not saying that [adding crypto to our offerings] will never happen, I am just saying that right now we are not considering it. […] We are not going to complicate the lives of our clients with things that we do not have good control of yet. […] Portfolio [managers] are not planning to make movements in that direction.”
However, as reported, back in December 2020, BBVA said that starting in January 2021, its unit in Switzerland will progressively launch a new service for the trading and custody of digital assets.
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Learn more:
– Spanish Tax Body Will Force Citizens to Declare Overseas Crypto Holdings
– 66,000 Spanish Crypto Traders Warned to Pay Tax on their Earnings
– Spanish Regulator Green-lights Institutional Crypto Investment
– Spanish Security Giant Prosegur Enters Crypto Custody Race
– El Corte Inglés Fast-tracks Bitcoin-flavored Brand Name Registrations
– IRS Could Come For Your Crypto If You Owe Them – Official
