The Spanish government’s Ministry of Finance is seeking to strengthen its authority in monitoring cryptocurrencies in the country by having the power to seize digital assets as payment for tax debts.
According to reports, led by MarÃa Jesús Montero, the ministry is in the process of reforming the General Tax Law, particularly Article 162, to allow the Spanish Tax Agency to identify and seize cryptocurrencies owned by taxpayers with unsettled debts.
As of February 1, a royal decree has been put into effect, expanding the list of entities authorized to collect taxes. Previously, only banks, savings banks, and credit cooperatives had this ability. Furthermore, the Treasury is taking a more aggressive stance against tax evasion.
It plans to require banks and electronic money institutions to report all transactions made using debit and credit cards.
Implementing these changes at a fast pace poses challenges for the regulatory aspect. Spain is striving to take proactive measures in regulating cryptocurrencies.
