The Spanish government has taken a significant step in its oversight of cryptocurrency with new regulations allowing the Tax Agency (AEAT) to seize cryptoassets as part of its debt collection efforts. This move is part of a broader framework aimed at tightening fiscal control and combating tax fraud related to digital assets, which have seen a surge in use in recent years.
The new legislation transposes the European Union’s DAC8 Directive and aligns with the OECD’s Crypto-Asset Reporting Framework, ensuring the exchange of information on cryptocurrency transactions across borders. From 2026, service providers handling cryptoassets will be required to report all transactions involving EU residents, whether domestic or international. This will provide authorities with greater visibility into crypto holdings and income.
Hacienda’s ability to now embargo cryptocurrencies mirrors the treatment of other financial assets. This development means that crypto investors and holders in Spain should be particularly vigilant in complying with tax obligations, as authorities will have enhanced tools to track, assess, and, if necessary, seize assets to cover outstanding debts.
For individuals or businesses navigating this complex regulatory landscape, it is essential to ensure compliance with these new rules. At Lullius Partners, we offer expert advice to help you understand how these changes might impact your crypto holdings and tax liabilities. Reach out to us to ensure your assets are protected and your tax strategies are fully compliant.
