Spanish authorities are enforcing their tough stance on the cryptocurrency industry, and the national tax agency seems to be taking it very seriously. Now, the Hacienda issued 14,800 warning letters to Spaniards under their watch for allegedly having failed or need to declare crypto holdings.

Fines Could Be ‘Over $5,900’ if a Crypto Holder Fails to Declare Mandatory Tax Filings

According to Telemadrid, Spain’s tax agency was clear on making cryptos taxable, and notifications have already arrived to their correspondent receivers.

Spanish crypto holders should declare their earnings in the tax filings, and if they fail to do it, Hacienda said they could incur fines of over 5,000 euros ($5,900).

However, Hacienda clarified domestic crypto holders are not accountable for their crypto buying operations, but only the profitable sales. Experts quoted by the local media outlet explained that Spaniards should declare profitable sale operations…

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Source: https://news.bitcoin.com/spanish-tax-authority-issues-14800-warning-letters-to-cryptocurrency-holders/