The Treasury will force cryptocurrency holders to report their operations

The Minister of Finance and Public Function, María Jesús Montero, explained this Tuesday in statements to TVE that the Ministries of Finance and Economy are working on a regulation that will force cryptocurrency holders to submit to the Treasury an annual declaration of purchase operations and sale from January 1, 2023.

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NewsEditor
24 June 2022 Friday 15:27
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The Treasury will force cryptocurrency holders to report their operations

The Minister of Finance and Public Function, María Jesús Montero, explained this Tuesday in statements to TVE that the Ministries of Finance and Economy are working on a regulation that will force cryptocurrency holders to submit to the Treasury an annual declaration of purchase operations and sale from January 1, 2023.

Montero has indicated that Spain will thus anticipate the regulation that will be carried out throughout the European Union on crypto assets and that there are already other countries that are working along the same lines. "It is a new currency that we must be able to regulate so that there is no type of fraud or any undesirable effect on the economy," he said.

The measure will be incorporated into an anti-fraud bill and will force holders of crypto assets to report their purchases and their balances at the end of the year. Also of currency changes and valuation.

The regulation also affects the platforms and companies that facilitate the purchase or exchange of cryptocurrencies, which will also have to present an annual document with information on their movements and the owners of the asset transfers.

On the other hand, Montero has aligned himself with the Minister of Labor and Social Economy, Yolanda Díaz, and has defended the application of higher taxes on electricity companies. "It is fair that they pay a greater part in taxes because they have had more benefits" and he has advocated implementing this tax surcharge at the beginning of the next fiscal year, which starts on January 1.

This tax increase coincides with the beginning of the implementation of the Iberian exception in the wholesale electricity auction, which is not leading to the discount in the rate that the Government had projected.

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