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Spanish Authorities To Take Control Of Crypto Industry

21:29 21/11/2018

The Spanish Ministry of Finance will closely monitor the activities of 15,000 country’s taxpayers, who have been making transactions with cryptocurrencies over the past year, the El País newspaper reports.
 

The tax ministry of the country, acting under the auspices of the Ministry of Finance, stressed that it would monitor the situation associated with such innovative technologies as blockchain and especially cryptocurrencies. The supervision will be conducted to prevent the possibility of tax evasion and any fraudulent activity.

The National Fraud Investigation Office under the tax administration has already reviewed the activities of dozens of Spanish companies and has now selected a group of 15,000 citizens who will undergo inspections as well.
 

The tax authorities will monitor information about the possible capital gains of these residents and check whether crypto holders can use these assets for money laundering.
 

Currently, tracking the use of such means of payment as bitcoin and other cryptocurrencies is a difficult task. To prevent possible financial threats, it is necessary to apply new technologies for collecting and analyzing information from all sources, as follows from the article by El País.

The crypto activities in Spain are taxed at a rate of 19% to 23%, depending on profits, which means that the increased control of the regulators is not associated with the receipt of additional income to the treasury. It is reported that the initiative is aimed solely at reducing unregulated and non-transparent financial activities.
 

Earlier, the Spanish bank BBVA issued the first syndicated loan on blockchain.

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