A source from Spain’s tax agency has confirmed that requests have been sent to over 60 companies by Spanish tax authorities to get information about the cryptocurrency users. According to the source, the authorities have contacted almost a dozen cryptocurrency exchanges, 16 banks, companies operating cryptocurrency ATMs and over 40 businesses that allow online cryptocurrency payments.
Details of Requests
The agency is looking for an authentic information about the transactions of cryptocurrencies as well as the parties that are involved in their implementation. The details of these requests include:
- The identities of the businesses’ clients.
- Bank account Information.
- Credit card information.
- The amount in the bank account/credit card.
- Exchange rates involved in transactions.
The tax agency source has defined these information requests as an opening to the stricter investigation and scrutinizing. The source also added that the agency is already doing an analysis on the use of domestic cryptocurrency. The news originates from a sensitive interest amongst the international tax agencies in cryptocurrency, one that follows the surge of the market to over $800 billion in value.
Improved Oversight and Supervision
In addition, the news follows exertions from the ministry of finance, which manages the tax agency, to focus on cryptocurrencies including Bitcoin, as it was released in an official announcement which was published in the month of March. At the time, officials of government remarkably wanted to connect the technology to organized delinquency, calling for improved omission and regulation.
The worldwide regulatory environment has now become more challenging for cryptocurrency investors, especially for those who once bloomed in a climate of obscurity and legitimate ambiguity. Also, Australia has announced that it is imposing new regulations on digital-currency exchanges. Spain is not the first country which is sending out warnings to the market involving the buying of cryptocurrency and crypto taxes, linked to the activity because this is something that numerous countries are trying to crack down on, and it also makes it clear that buying digital coins will not provide exception from tax.