Spain’s Ministry of Finance Seeks Authority to Confiscate Cryptocurrencies

The Ministry of Finance of Spain plans to expand its powers to confiscate cryptocurrencies and digital assets as part of new tax changes.

According to the Spanish newspaper El Economista, the Ministry is preparing a new tax reform that will give it the authority to confiscate cryptocurrencies and NFTs in case of tax non-payment – in the event of tax arrears, such as income tax or other taxes, the state will be able to confiscate cryptocurrencies and NFTs to cover such liabilities. To do this, the Ministry plans to amend Article 162 of the General Tax Law.

The Ministry already has information about taxpayers’ cryptocurrency assets, and starting from this year, tax residents are required to declare their digital assets held abroad.

Spain leads among European countries in comprehensive tax control over cryptocurrencies. Taxpayers are required to report profits and losses from cryptocurrency transactions and pay corresponding taxes.

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