The Council of Ministers has approved a draft law to transpose European Directive 2011/16/EU that will entail regulatory changes to the tax obligations of the cryptocurrency market and that, among other things, opens the door for the Treasury to seize said digital currencies in the event of debts.
As reported by the Ministry of Finance in a statement, one of the changes made to the preliminary draft is “expressly recognize cryptocurrencies among the assets likely to be subject to embargoesas well as assets and rights located in payment and electronic money entities.
This measure is based on the need to respond to “the rapid evolution of banking and payment services and means, including crypto-asset recording technologies”.
The regulation provides that the due diligence and information obligations on cryptocurrencies to which service providers are subject affect both resident and non-resident users, a preliminary step to mutual assistance with the rest of the countries of the European Union, explains EFE.
This strengthening of information exchange mechanisms and the expansion of available information will allow advancing tax transparency and the fight against fraudwhile helping to facilitate assistance to the taxpayer in complying with their obligations.
