Balances and transactions shall be expressed in euros.
All holders in Spain of virtual currencies must inform the Tax Office at the end of each year about their amount of cryptocurrencies and their valuation in euros. This obligation shall also apply to transactions with such assets and holders of virtual currencies located abroad.
Likewise, it affects coin creators, foreign exchange agencies, virtual wallets and service providers to safeguard cryptographic keys on behalf of third parties.
In addition, the Treasury’s innovations in overseas assets could serve as a guide for the new 721 model in which the ministry works. It will lay the groundwork for declaring cryptocurrencies deposited in other countries in 2023. Holders, beneficiaries, authorized persons and agents shall be bound.
On the other hand, in order to carry out the valuation in euro, the obligated parties shall take the average price of the assets at 31 December offered by the main trading venues. In the balances, the Treasury will also obliged to report the fiduciary currency intended to provide services of safeguarding, storage or transfer of cryptocurrencies. In transactions, the information to be provided shall include the type of movement, the date of the operation and the public keys or public addresses of origin and destination associated with the virtual currencies received or delivered.
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