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Spanish Financial Watchdog Warned 15 000 Cryptoholders

14 April 2021, 17:16
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The Spanish Ministry of Finances warned about 15 000 crypto holders to declare their holdings not to be penalized. Login Casino follows the latest cryptocurrency news, explaining an unusual case from Spain.

Spanish Financial Watchdog Warned 15 000 Cryptoholders

The growing trend related to cryptocurrencies is actively supported by Spaniards, who gladly trade new types of assets. However, the local financial watchdog has warned that crypto assets should be registered in order to avoid fees and penalties.

While the warning is related to about 15 000 individuals with cryptos in their wallets, the Ministry's requirement is aimed at crypto sales first of all. Thus, every transaction that involves selling cryptocurrency should be registered, and appropriate tax should be paid. At the same time, when someone decides to buy Bitcoin, Ethereum, or other assets, he or she should only register the deal without any taxes paid for it.

The situation with cryptocurrencies in Spain

While people use cryptocurrencies more and more, Spain's officials are far from accepting the new kind of assets. To turn the deputies’ and other governors' attitude, the lower-level lawmakers were awarded 1 euro equivalent in cryptocurrencies in October 2020 from the local educational platform.

The latest reports show how the local Securities Commission is going to control crypto-related advertisements and is only one step away from it. According to the sources, there are more than 100 venues in Madrid that are ready to receive payments in cryptocurrencies, showing that this direction is actively developing in Spain.

Read morePitfalls that make Ethereum price prediction for 2021 not so shiny

Read moreHow to create a cryptocurrency and is it hard?

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