BackRecently, the Spanish Council of Ministers approved a draft act to transpose the European Directive 2011/16/EU on administrative cooperation in the field of taxation. This EU Directive, known as DAC8, is now beginning the required public information procedure and will bring with it changes to the tax obligations linked to the cryptocurrency market, allowing for the adaptation of the reporting obligations on crypto assets located abroad and the balances associated with them, replacing the concept of ‘virtual currency’ with that of ‘crypto asset’.
In addition to these changes, which affect mutual cooperation, the draft act also introduces various amendments to the General Tax Act related to tax collection.
This set of new developments is included in the draft act that amends Act 58/2003 of 17 December 2003 on General Taxation in the areas of mutual assistance and collection, among other tax regulations.
DAC8 incorporates at European level the OECD’s Crypto asset Reporting Framework. This document includes several of the provisions of the Directive, such as the due diligence and reporting obligations on crypto assets in Spain that service providers will have to comply with, which will affect both users resident and non-resident in Spain.
The draft act also includes a provision to expressly recognise cryptocurrencies as assets subject to seizure, as well as those assets and rights deposited in payment institutions and electronic money.
In short, the transposition of DAC8 will allow Spain to establish the necessary regulatory framework to comply with the mutual assistance obligations between EU Member States and with other jurisdictions involved in the exchange of information, in accordance with the international agreements to be signed.
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