The new set of Spanish crypto rules will have points of disclosure, where citizens of the country will need to declare their crypto holdings above a limit.
Crypto disclosure rules have recently progressed, with regulators taking note of investors’ crypto holdings. In November 2023, Canada was the first to launch a consultation period for crypto disclosure rules. The draft crypto disclosure guidelines in the country will also be released in 2024. In cue, new Spanish crypto regulations have also begun to be created for investors in Spain.
The new rules for crypto holdings in Spain are for investors with foreign crypto holdings or with assets in non-Spanish firms. Their crypto holdings must also be above 50,000 to qualify for the rules. Tax authorities in Spain recently announced the development of crypto disclosure, publishing a notice.
The notice specified the declaration dates in 2023 and 2024, with notes for corporate or individual investors. The regulators have made concerted efforts to prevent tax leakages from crypto holdings and also bring crypto investors under the regulatory scanner.
A few weeks ago, Spain declared their intentions to implement the rules of the MiCA regulation much earlier than expected. They would start implementing the rules by December 2025, according to reports. The country has also supported the digital euro, with its central bank officials praising central bank digital currencies (CBDCs).
CBDC development has made huge progress in China in November 2023. After Standard Chartered Bank China decided to participate in China’s CBDC trials, more banks joined it. Four foreign banks have joined the pilot and added the e-CNY updates for their clients. Officials of these banks have praised CBDCs and their potential for the financial services industry.
The recent rules in Spain could also help in promoting crypto efficiently with a transparent regulatory lens, helping crypto firms.
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