Spain’s tax authority, Agencia Estatal de Administración Tributaria, have issued requests for investors’ account information to several cryptocurrency exchanges, banks, crypto ATMs and companies that accept crypto as payment. The tax agency is looking to track customer’s identities as well as the transactions they’ve made and investments. In an effort to minimize online tax evasion and money laundering, over 60 companies have received requests from the agency.
Spain’s National Securities Market Commission and the Bank of Spain have continuously issued warnings about cryptocurrencies and have been looking to increase regulation. Once crypto investors’ account information have been received, the Treasury will analyze transaction activity and determine if new research and and control operations will be enforced on cryptocurrencies.
This isn’t exactly new for Spain. In 2015 similar requests were sent out to companies and institutions, all though this years requests are more detailed and have been sent to a considerable amount of more crypto entities. Failure to comply within the designated time frame will be deemed tax infringement and will be dealt with accordingly.