Crypto crackdown in Spain. Credit: Alesia Kozik, Pexels
Spain has unveiled a draft law to track crypto assets held by citizens abroad, with the goal of cracking down on tax evasion and increasing transparency.
The proposal, sent to Congress on Tuesday, June 3, aligns with the European DAC8 directive and could bring in an estimated €2.4 billion, according to the European Commission.
Crypto platforms must report users’ balances and transactions
The new legislation will force crypto-asset service providers to share information with Spain’s Treasury, including:
- Cryptocurrency balances and transactions
- Tokens used for purchases
- Electronic money and payment platforms
As reported by El Economista, the Ministry of Finance stated: “This will entail greater control over assets of this type located abroad and over balances.”
Spanish tax agency can seize digital assets for the first time
A major shift in the proposal is that Spain’s Tax Agency will be allowed – for the first time ever – to seize crypto assets to collect unpaid debts. Until now, the agency could only act on funds in traditional bank accounts.
The law also mandates electronic money and payment institutions to report customer accounts, similar to conventional banks.
When does it start?
Spain must transpose the EU directive into national law by December 21, 2025, with the measures taking effect on January 1, 2026.
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