Spain’s Tax Agency Seeks Crypto Investor Details

News | April 6, 2018 By:

The Agencia Estatal de Administración Tributaria (AEAT), Spain’s Tax Agency, has reportedly asked financial firms to turn over information on cryptocurrency investors.

The tax agency have reportedly contacted 60 companies – 16 bank, 12 crypto exchanges, firms operating crypto ATMs, and more than 40 businesses that accept online crypto payments – for transaction information. Requested details include the identities of the businesses’ clients, bank account and credit card information, and the amounts and exchange rates involved in transactions.

According to an unnamed official, the move originated in part from a probe by the National Fraud Investigation Office on bank accounts opened abroad by foreign-exchange shops. The official said the country is trying to crack down on online tax evasion, adding that the agency is already carrying out analysis on domestic cryptocurrency use.

In February, it was reported that Spain is mulling tax breaks for businesses using blockchain technologies and cryptocurrencies. The exact scope of the exemptions has yet to be determined, but the ruling People’s Party has introduced a bill to offer incentives for small companies in the crypto sector.

The new legislation may also include a threshold below which entrepreneurs would not be required to report a cryptocurrency investment. Authorities are working on provisions to protect crypto investors. They will be prepared by Spain’s markets and securities regulator.