Spain passes law to monitor crypto and seize unpaid digital assets.

Crypto providers must report user data, balances, and transactions.

New crypto law may raise €2.4 billion in taxes.

Spain is taking major steps to regulate cryptocurrencies. A new law has been introduced to control digital assets and gather user data. The main goal is to ensure that cryptocurrency ownership becomes easier to see and report for tax purposes. The legislation is aligned with the newest directive from the European Union called DAC8. The authorization and effective date of this new law is expected to be on January 1, 2026.

Spain Aims for Full Crypto Transparency Before EU Deadline

To begin with, this new law requires crypto service providers to report information about users. They provide information about transactions, how much money remains, and the user’s digital holdings. According to the government, providers should disclose their tokens used in purchase and service transactions, as well as their digital money. It aims to lessen tax evasion and increase the amount of supervision of financial assets.

As a result, if needed, Spain’s Tax Agency will be able to seize crypto assets. This action will make it easier for the government to collect taxes that are not fully paid. Up to now, the agency could only use standard bank accounts. Even so, crypto types of accounts will also be controlled by this law. Such institutions will now need to submit customer information to the authorities.

Besides, sharing data between Spain and other countries will bring many advantages. Thanks to DAC8, the Treasury will receive details from EU countries as well as those states with cooperation agreements. As a result, the authorities in Spain will be aware if residents own crypto coins abroad. Therefore, people will find it more challenging to conceal their digital assets in exchanges outside their own country.

The Council of Ministers has agreed to hand over this draft to Parliament. Officials are planning for the law to get passed and enacted before the EU’s deadline. Officials at the Ministry of Finance say that the new action will bring more transparency. They wish that this step will make people more motivated to declare every part of their earnings.

New Law Aims to Fight Fraud and Secure Digital Finances

The European Commission considers that the new regulation could result in more profits. They expect that taxing crypto in the EU could bring in around €2.4 billion. Spain’s effort suits the European Union’s plans to establish balanced tax policies among countries.

Besides, some people who care about privacy have expressed their worries. It has been stated that giving companies access to all user data could interfere with individual freedom. However, the government continues to believe that this law is important. It plays a role in helping fight fraud and secure finances achieved through digital means.

In addition, companies providing crypto services will face more obligations in terms of the law. They are required to design more efficient methods of tracking user actions and provide correct reports. Attempts to hide or damage data could result in a company facing lawsuits or big fines.

Ultimately, Spain’s crypto law signals an important change. It reveals how governments are responding to recent changes in the economic field. Even though rules are tight, they are important for making the fast-growing tech sector more organized. Once it is passed and put into practice, the law will mean Spain will be at the forefront in handling crypto-related governance within the EU.

The post Spain Passes Law to Control Crypto Assets and Exchange Data appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ June 9, 2025 4:56 am