The Spanish Council of Ministers approved its second review, the bill to transpose the European Union’s DAC8 Council, a decisive step to strengthen financial controls for Spanish Bitcoin (BTC) and cryptocurrency. The standard going to council for processing now allows the Treasury to know what digital assets the citizens have overseas, allowing them to approve themselves.
The law enforces cryptographic service providers to notify the Ministry of Finance of their users’ operations, balances and data. It covers Bitcoin, cryptocurrency, tokens used to acquire goods and electronic services and money.
This is all part of the adjustments made by Spain in the European Union’s DAC8 regulations, focusing on automatic tax information exchange between member states. This means that Spain can receive data from other states and third parties with exchange agreements regarding the cryptographic works of Spanish residents.
The European Commission estimates that these regulations will raise an additional 2.4 billion euros in the EU through greater fiscal management.
According to a statement issued by the Treasury, the measure will specifically strengthen management of digital assets overseas and close lagoons due to taxation in this booming sector.
One of the most notable novelties of the project is approval to the tax agency Embargo Bitcoin, Cryptocurrency, and Other Sediments As highlighted by lawyer Christina Carrascosa, payment and electronic money entities to resolve tax obligations have not contemplated the current regulatory framework to resolve tax obligations.
This ability, previously limited to traditional bank accounts, marks a new stage in Spanish taxation. Furthermore, these Entities are obligated to report information about the customer’s account and balanceand meets traditional bank demands.
This project responds to the obligation to transpose DAC8 prior to December 31, 2025 and comes into effect on January 1, 2026. The first report on the holdings of Bitcoin and cryptocurrency by Spanish overseas covers the previous year’s operations.
Carrascosa, who joined the process along with the tax agency, emphasized the importance of public-private cooperation. “We believe that working together on technical and changing standards that impact innovation is the only way to approve fair, wise and effective laws.
Spain adds efforts to surveillance on digital assets oriented by lines established by the European Union, which already has MICA regulations.
In short, the new bill currently in the Spanish Parliament, still needs to go beyond parliamentary procedures, but already marks a new episode in the evolution of Spain’s taxation on the digital economy. This is planned for those who are still defined based on the severity of the breach and the amount detected, but who do not comply with the proposed obligations, which are estimated to range from 20,000 to 500,000 euros.
