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Spain’s new anti-tax fraud law includes the importance of cryptocurrency. According to the first report from Cointelegraph’s Spanish subsidiary, pending approval by the Spanish Parliament, the new bill aims to reduce illegal tax transactions. This can mean smaller business transactions and mandatory reporting of crypto assets, even for assets held or traded internationally.
Spanish Finance Minister María Jesús Montero said in a briefing on October 13th that the “Bill to Prevent and Combat Tax Fraud” was recently approved by the Spanish Council of Ministers, a Spanish central government.
When cryptocurrencies became the focus of global attention in 2017, some countries stepped up their tax oversight efforts to increase their share of the industry’s related profits. Under Spain’s new draft law, citizens of that country must report any use or possession of digital assets, even if that use includes assets held or traded outside of Spain.
The bill also prohibits all-cash business transactions over 1,000 euros, which is below the country’s previous limit of 2,500 euros. The Cointelegraph report provides details on the latter amount used for non-commercial transactions between individuals. All business payments over 1,000 euros must be made electronically, which seems to improve the surveillance of Spanish residents. When the central bank’s digital currency plays a role, financial tracking becomes easier for the country, leaving citizens with less privacy and freedom.
A recent effort resulted in 350 government employees in the country receiving 1 euro-worth of cryptocurrency. This small amount of money was sent to every member of Congress in the country to educate them about this new technology.