BackFirstly, there are three different reporting obligations, which has led to the approval of three different forms, applicable to the following persons and entities:
- Annual information return on balances in virtual currencies (Form 172). It must be filed by persons and entities that offer services to protect private cryptographic keys on behalf of third parties.
- Annual information return on transactions with virtual currencies (Form 173). It refers specifically to transactions such as acquisitions, transmissions, swaps and transfers of virtual currencies, as well as collections and payments in these currencies. This applies to persons and entities that offer exchange services between virtual currencies and fiat currency, or between different virtual currencies, and those who intermediate in these operations or protect cryptographic keys for third parties. It also includes the obligation to file this declaration for persons and entities that carry out initial offerings of new virtual currencies.
- Annual information return on virtual currencies abroad (Form 721). It must be filed by the owners of these currencies themselves when the balances as of December 31, valued in euros, exceed 50,000 euros in aggregate, and in the event that the aggregate balance experiences an increase of more than 20,000 euros with respect to the last return filed.
In form 721, persons holding virtual currencies abroad must provide the following information:
- Identification of the service provider to safeguard the private cryptographic keys: including the full name or company name, tax identification number and domicile in the country of tax residence.
- Complete identification of each type of virtual currency.
- Balances of each type of virtual currency as of December 31, expressed in units of the virtual currency and its value in euros.
In Form 172, which focuses on services related to the holding of virtual currencies, i.e., the protection of private cryptographic keys to hold, store and transfer virtual currencies, data must be provided on the identification of the holders and their balances as of December 31, specifying the type of currency, the number of units and their value in euros for each virtual currency.
Finally, Form 173, which deals with transactions with virtual currencies, such as acquisitions, transfers, swaps, transfers, payments, collections, and initial offerings of new virtual currencies, requires detailed information on the type and date of each transaction, public keys or addresses of origin and destination, the type and number of units, the value in euros of the transaction, as well as, if applicable, the associated commissions and expenses.
We must take into account that the first declaration referring to the information obligations on virtual currencies must be filed as from January 1, 2024, referring to the information corresponding to the year 2023. Specifically, for persons holding virtual currencies abroad (Form 721), the filing period will be from January 1 to March 31, and for those providing custody and/or exchange services of virtual currencies (Forms 172 and 173), the filing must be made in the month of January.
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