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Spanish authorities want citizens to disclose all their hodlings

Did anyone expect this?

spanish, bitcoin, cryptocurrency, regulation, inquisition, 720, tax, laws

A Spanish cryptocurrency inquisition is on the cards as authorities ask all hodlers to make themselves known. Who would have expected that?

A draft-law that effectively forces cryptocurrency hodlers to make themselves known, put forward by Spain’s Ministry of Finance, was approved on the 19th October, local news, ABC Economica reports.

Of course, Spanish cryptocurrencers can’t be forced to reveal themselves, but they’ll be breaking the law if they don’t.

The new law is mainly aimed at tax avoidance and will force Spanish hodlers to tell the government who they are, and how much cryptocurrency they posses — also in off-shore accounts.

However, there’s one potentially welcome caveat for the casual trader; you’ll only need to declare assets if your cryptocurrency holdings are valued at over $57,000 (€50,000).

If you’re a Spanish citizen and a serious trader though, it looks like there is no hiding your cryptocurrencies – legally, at least.

Sounds like it might end up being another nail in the cryptocurrency coffin.

Published October 24, 2018 — 12:26 UTC

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