Spain’s government has reportedly approved a bill that requires cryptocurrency owners to disclose their crypto holdings and any gains on their assets.

Spain’s Finance Minister and the government’s spokesperson, Maria Jesus Montero, said at a press conference following the weekly cabinet meeting that this bill is part of broader legislation to crack down on tax fraud, several Spanish news outlets have reported. The bill was sent to the Spanish Congress of Deputies on Tuesday and will now go to parliament for discussion and final approval.

“This is a bill that will add to the work already being carried out by tax authorities,” Montero explained but did not go into detail about how the rules will be enforced. It is one of the latest efforts by the government to raise tax revenue amid a severe coronavirus pandemic-driven economic crisis.

The bill, entitled “Law on preventive measures to combat tax avoidance,” seeks greater control over cryptocurrencies, Criptonoticias publication described, noting that the government…

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Source: https://news.bitcoin.com/spain-cryptocurrency-disclose-crypto-holdings-gains/