Spanish citizens face a new reporting deadline following the government’s mandate.
The Spanish government has recently issued a new cryptocurrency regulation requiring Spanish residents holding crypto assets on international exchanges to disclose their holdings before March 31, 2024.
The mandate comes as part of the newly enacted law pertaining to taxes on virtual assets. The declaration process is facilitated through the utilization of Form 721 (Modelo 721).
Spain Gets Serious About Cryptos
Published on July 29, 2023, Modelo 721 is a mandatory form introduced by the Spanish Tax Agency (AEAT) to monitor and regulate the ownership and transactions of virtual currencies held abroad by Spanish residents.
The filing period for Form 721 spans from January 1, 2024, to the conclusion of March 2024. Individuals are required to disclose information about the taxpayer’s foreign cryptocurrency holdings, including the type of…
