Ministry of Finance strengthens supervision of cryptocurrencies in Spain | Sept 22

Regulators, including the Spanish Ministry of Finance, have been set up to step up crypto-surveillance efforts in Spain and have committed to focusing on wallet providers and related electronic money companies.

Ministry of Finance strengthens supervision of cryptocurrencies in Spain

According to El Confidential Digital, the new initiative comes from the Spanish Ministry of Finance. The Department’s Technicians’ Union (known locally as GESTHA) is quoted as saying that it has “followed” the situation of the “cryptocurrency” for several years and has gradually managed to “take measures to control money laundering” Bitcoin (BTC) and other tokens.

The companies under the regulatory microscope are mostly crypto wallet providers and companies that accept coins as a means of payment.

GESTHA President Carlos Cruzado said that his agency has started issuing crypto-related requirements on operators dedicated to protecting private keys and institutions providing liquidity, payments in BTC and altcoins.

Cruzado added that the agency was not interested in individuals or companies buying cryptocurrencies, but cautioned that crypto investors should declare “when selling or exchanging” cryptocurrencies.

The head of GESTHA stated that the agency is still investigating some cases, but added that it has only started to seriously monitor the field in the last 2 years.

“None of our investigations is complete” he added.

A flawed crypto declaration law that forces Spaniards to declare their holdings on foreign cryptocurrency exchanges was given the go-ahead by parliament last summer. Failure to comply will result in citizens being fined a fixed $ 5,900 fine for each violation.

Accounting firms soon announced that they had received an “exponential” wave of requests to calculate and file their taxes.

The Ministry of Finance seems to have stepped up its surveillance game in recent years together with the Spanish tax authority. These regulators have sent thousands of citizens suspecting them of cryptocurrency trading, warning they face penalties for failing to disclose their income and crypto-related activities.

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