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A new law draft authorized simply today by the Finance Commission of the Spanish Congress would make Spain-based custody services report the ownership of the cryptocurrencies under management. The law, which was stuck in Congress for a long time, objectives to close a space in the legislation that enabled some users to bypass the requirements and prevent paying taxes at the same time.

Spain Based Custody Services Would Have to Report Ownership of Assets

Third-Party custodial services based in Spain would have to report the holdings of its clients, along with all the operations made with them, according to a new law draft authorized on Wednesday by the Finance Commission of the Spanish Congress. The law, entitled “Prevention and battle versus tax scams,” would make necessary the report of any cryptocurrency funds in these organizations, and also consists of people or organizations associated to preliminary coin offerings in the mix.

Until now, these organizations didn’t have to report any of their activities to the tax authorities, and the duty of doing this went to the real owners of cryptocurrency. The existing law makes it necessary for users to report holdings of more than 50,000 euros in cryptocurrency, along with all of the profits originating from the trading of these.

Also, the law consists of cryptocurrency exchanges in this location, so all Spain-based cryptocurrency exchanges would have to also report the identity of their clients and the operations of every one of them to the tax authorities. The law draft, which was authorized with 21 elect it and 14 versus it, now will go to the Senate to be authorized or tossed.

But the modifications put on’t just go to manage cryptocurrencies. The tax authority also is developing new limitations on the quantity that Spain citizens can get as payments in money, decreasing it to 1,000 euros for business owners and specialists, and to 2,500 euros for others.

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Tough Stance on Crypto

This is another new guideline that comes to compliment the currently hard position that the Spanish federal governments and its legislators have actually looked for cryptocurrency-associated matters. Earlier this month, the Spanish federal government also signed a royal decree that mandated exchanges and crypto custody companies to develop a report of all of their cryptocurrency deals to share its information with the European Union bloc of nations. This decree also consists of making reports of any “suspicious” deals to the authorities.

What do you think of the law draft authorized in Spain? Tell us in the comments area below.

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