Spanish Tax Agency to Send Notices to 66,000 Crypto Traders
- Last year, only 14,700 Spaniards received notices.

Originally reported by Europa Press earlier this week, the tax agency will send notices between April 1 to June 30 to around 66,000 digital currency investors.
This will be the second consecutive year for the Spanish agency to send notices to crypto investors as last year it handed out 14,700 notices - making the estimated figure for 2020 three times.
In Spain, digital currencies are taxed under the capital gains tax laws, the rate of which ranges from 19 percent to 23 percent.
The Spanish tax authority has been actively pointing out crypto traders since 2015, and to properly tax crypto incomes, the Spanish authorities are also collecting data from over 60 crypto platforms, including several crypto exchanges.
Apart from the digital currency traders, the tax agency is also going to send notices to the individuals with property rentals and having an income source from abroad.
Crypto taxation struggles
Though Spain is taxing crypto profits in double digits, it's neighbor Portugal last year announced a complete exemption on crypto trading and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term.
Meanwhile, other global tax agencies are also gearing up to send notifications to individuals not reporting any profits incurred from digital currency-related activities.
The Australian Taxation Office (ATO) last month warned crypto profiteers of stiff penalties if they fail to report on their digital currency holdings or incomes.
The US Internal Revenue Service (IRS) also sent letters to taxpayers who might have failed to report income and pay the resulting tax from cryptocurrency transactions.
In South Korea, however, the debate on taxing cryptocurrencies still persists as different agencies have different views on the sector.
Originally reported by Europa Press earlier this week, the tax agency will send notices between April 1 to June 30 to around 66,000 digital currency investors.
This will be the second consecutive year for the Spanish agency to send notices to crypto investors as last year it handed out 14,700 notices - making the estimated figure for 2020 three times.
In Spain, digital currencies are taxed under the capital gains tax laws, the rate of which ranges from 19 percent to 23 percent.
The Spanish tax authority has been actively pointing out crypto traders since 2015, and to properly tax crypto incomes, the Spanish authorities are also collecting data from over 60 crypto platforms, including several crypto exchanges.
Apart from the digital currency traders, the tax agency is also going to send notices to the individuals with property rentals and having an income source from abroad.
Crypto taxation struggles
Though Spain is taxing crypto profits in double digits, it's neighbor Portugal last year announced a complete exemption on crypto trading and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term.
Meanwhile, other global tax agencies are also gearing up to send notifications to individuals not reporting any profits incurred from digital currency-related activities.
The Australian Taxation Office (ATO) last month warned crypto profiteers of stiff penalties if they fail to report on their digital currency holdings or incomes.
The US Internal Revenue Service (IRS) also sent letters to taxpayers who might have failed to report income and pay the resulting tax from cryptocurrency transactions.
In South Korea, however, the debate on taxing cryptocurrencies still persists as different agencies have different views on the sector.