Spanish Ministry of Finance to Oversee 15,000 Crypto Taxpayer Holdings to Prevent Fraud


It seems like the government of Spain is very wary against crypto scams. Now, the Spanish Ministry of Finance (Hacienda) will oversee the holdings of 15,000 taxpayers who have made crypto transactions in the last year in order to know whether they are evading taxes or not.

The Spain tax agency (Agencia Estatal de Administración Tributaria), known locally as the Hacienda, will monitor these accounts and fiscal the incidence of money laundering using this brand new technology. This way, the organization will be able to monitor and discover how to prevent tax fraud actions of the annual taxes that the citizens have to pay.

Investigations will be led by the National Fraud Investigation Office (ONIF) of the agency, which will investigate over 15,000 taxpayers in the country. The Hacienda will monitor these taxpayers and declare whether they are hiding money from the government or not.

The agency believes that the use of Bitcoin is a big threat and a very demanding challenge because the agency still does not understand it 100% and it knows that some people will try to use it to launder money, so collecting information is a vital point for the future of the country.

Spain’s government is known for not being too nice on crypto holders despite being very welcoming to the blockchain technology. Last month, on October 22, the Spanish government has approved a draft law that made investors reveal how much crypto they held.

The law was considered to be very invasive by the crypto community but the decision is coherent with the stance of the government of focusing on the transparency of cryptos instead of privacy.

In the field of the blockchain technology, the Spanish government is set to create a good regulatory sandbox for them to be fully developed and used in the country.

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