Thursday, June 20, 2024

Spain records spike in crypto adoption but tax may be a problem

Spain has recorded a spike in crypto adoption with the Association for Media Research (AIMC) highlighting that there has been about a 50% rise in 2021 figures. In a recent survey, the AIMC found that 13% of those who said they owned crypto, used the digital assets to make payments in the past 12 months. It pointed out that six in 10 transactions were crypto purchases.

However, it should be noted that since the survey was conducted online, it doesn’t truly represent the general public. And then there is the world-famous sporting club, FC Barcelona being enthusiastic about crypto. Joan Laporta, FC Barcelona’s president, had talked about the potential of NFTs and crypto at the Mobile World Congress. He also highlighted the club’s plan to launch a range of NFTs and crypto assets – in addition to its existing fan token. Moreover, Laporta believes that blockchain technology can help add value to the club’s outreach to fans. FC Barcelona wants to lead as an example by being an innovator in the blockchain-crypto space.

In regards to tax, the Spanish parliament in 2021 introduced a law whereby crypto holders have to declare all their token holdings. This also applies to those having crypto assets on overseas platforms. Crypto legal experts say this will force crypto advocates to file Modelo 720 – declaration of assets abroad. There is also some confusion as people do not understand if and how they are to declare their crypto assets on the document.

A number of law firms and tax specialists have raised concerns about how tokens are needed to be declared. Furthermore, the Ministry of Finance has not officially clarified the criteria to be used when making such declarations.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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