It is mandatory to report cryptocurrencies to the Treasury if more than 50,000 euros are accumulated. Individuals will have to add it in the Wealth Tax self-assessment according to recent regulations.
Paula Gámez,a partner in the tax area, explains in Confilegal that those who hold cryptocurrencies "will become financial operators like any other, held responsible for the operations, and will not be able to not report" as of January 1, 2024.
Our expert lawyer adds that until now, cryptocurrencies were not traceable, they were considered "a pseudo tax haven", so it was to be expected that "the tax authorities would want this data".
Regarding the obligation to inform the Treasury about cryptocurrencies, our tax lawyer comments: "These requirements are going to be complicated for wallets and exchange services (crypto service providers) because they will have to handle a lot of data that they don't necessarily have at hand. [...] Everything is based on encrypted keys, the crypto world is going to be anonymous and decentralized".
To find out all the details of the new regulations on reporting cryptos to the Treasury, you can read our detailed Q&A guide that our tax lawyers have prepared on the subject.
If you would like further information, please do not hesitate to contact our office by calling 91.345.48.25 or sending an email to info@cecamagan.com
