Anyone who has more than $55,000 in cryptocurrency must report their abroad holdings.
A new tax requirement in the form of form 721 was unveiled by the Agencia Tributaria.
Residents of Spain are now required under new regulations put in place by the Agencia Tributaria, the country’s tax administration, to report any cryptocurrency holdings stored on platforms outside of Spain. At the same time, anyone who has more than $55,000 in cryptocurrency must report their abroad holdings on the recently released tax form, Form 721.
Notably, this move, which will take effect on January 1, 2024, shows that Spain is taking the lead in regulating and taxing virtual assets, which is important since financial authorities across the world are paying more and more attention to the cryptocurrency market.
A new tax requirement is hitting Spanish citizens in the form of form 721 from the Agencia Tributaria, which requires anybody with large cryptocurrency holdings on platforms outside of Spain to report
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