Investors in Spain must report crypto assets held abroad to tax authorities

The Spanish house of parliament has initiated a moved to take “more control” of the cryptocurrency industry. Citizens and local investors will now be required to report any digital currency held outside the country.

A press release from the government explained that henceforth, it is “mandatory to inform” the tax authorities about their annual digital currency earnings.

“Due to their proliferation and popularity among investors and savers, it is necessary to take greater control over cryptocurrencies,” the statement read.

The Law on Fighting Tax Fraud will give Spain’s tax regulator, Hacienda, the right to conduct impromptu checks on “homes and businesses,”

The bill has received majority votes at the parliament floor but will still need some clarifications regarding how it will be implemented.