Bitcoin Owners in Spain to Disclose Assets Under Proposed Bill

The Spanish government announced today that it is preparing a bill that will force holders of cryptocurrencies to disclose their holdings, as well as any gains made via crypto assets, according to Reuters.

The new rules are part of a wider government strategy to crack down on tax fraud, according to government spokesperson Maria Jesus Montero.

In June of this year, the Spanish government began working on amending the country’s anti money laundering and terrorist financing laws in order to become compliant with the EU’s 5th Anti-Money Laundering Directive.

These regulations mandate that crypto exchanges were to be registered with a country’s regulatory authority. In addition, crypto exchanges were to demonstrate regulatory compliant KYC procedures.

Today’s announcement also follows a move to send 350 Bitcoin to members of the Spanish Congress of Deputies. All 350 members were each reportedly sent Bitcoin worth one euro as part of an initiative to promote understanding of Bitcoin and crypto. Which, if the new bill passes, they will need to disclose.