Spain will present a law to monitor bitcoin held by citizens abroad

The Treasury will begin the exchange of data regarding bitcoin holdings abroad to strengthen taxation.

The law requires exchanges to report transactions and balances of bitcoin and electronic money.

The Tax Agency will be able to seize crypto assets, equalizing obligations with banks.

The Council of Ministers of Spain approved this Tuesday, in a second review, the bill to transpose the EU DAC8 Directive, a decisive step to strengthen fiscal control over bitcoin (BTC) and cryptocurrencies in Spain. The regulation, which now moves to Congress for processing, will allow the Treasury to know the digital assets that citizens hold abroad, if authorized.

The law will require crypto asset service providers to report to the Treasury on transactions, balances, and user data, covering bitcoin, cryptocurrencies, tokens used to acquire goods or services, and electronic money.#bitcoin $BTC