Pending approval by the Spanish Parliament, the new draft law aims to eliminate illegal tax transactions. This may mean smaller business transactions as well as mandatory reporting of crypto assets, even for assets owned or traded internationally.
The "Draft Law on measures to prevent and combat tax fraud" has recently received the green light from the Spanish Council of Ministers, the central management unit in Spain, according to information given on October 13th by the country's Finance Minister, María Jesús Montero.
When the crypto currency began to attract more attention in the world in 2017, some countries began to tighten tax surveillance measures in an attempt to limit their share of the profits made through this industry. The new Spanish Bill requires citizens of this country to report any use or ownership of assets in digital form, even if such use includes assets owned or transacted outside Spain.
The law also prohibits all cash transactions of more than 1,000 euros, compared to the previous limit of 2,500 euros. The latter amount applies to non-business transactions between persons. All payments related to business activities exceeding 1,000 euros must be made electronically, which seems to increase the supervision of Spanish residents. If the digital currencies of the central bank come into play, financial tracking can become even easier for countries, giving citizens less privacy and freedom.
Recent efforts have led to 350 government employees of this country receiving 1 crypto euro. This small amount has been sent to each member of the Congress of Deputies to train them in this new technology.
