A new bill is submitted for discussion in the Congress of Spain, which implements the general directive of the EU DAC8, adopted by the Council of the European Union to increase the transparency of the taxation of cryptocurrencies.

In case of adoption, the new law will oblige the cryptocurrencies and the casteral services of Spain to transfer all the information about the transactions of citizens, including the data on their digital assets stored on exchanges in other EU member states, as well as in third countries that will conclude agreements on the exchange of data with the EU.

He will also grant the supervisory authorities of Spain the rights and powers to withdraw digital assets from tax slonists, as well as in the identification of other financial violations, which was previously not provided for by national legislation.

According to the lawyer and general director of the Law Firm, ATH21, Cristina Carrascosa, for crypto -investors and industry professionals, the Law means the need for strict compliance with regulatory requirements, including expanded reporting to the fiscal authorities on the ownership and operations with digital assets.

The new legislative norm, the expert notes, will allow the Tax Service of Spain more efficiently to track cross -border operations with digital assets, which can increase the transparency of the country’s cryptocurrency market and its accessibility for institutional investors.

However, the strengthening of tax control can reduce the attractiveness of Spain for the crypto business focused on the anonymity of cryptocurrency operations, as well as increase the operational costs of the industry, commented on Carrascos.

Earlier, the law enforcement agencies of Spain were detained by eight people suspected of organizing fraudulent cryptopyramids in an amount of over $ 32 million, which caused damage to more than 3,600 investors.