Crypto Adoption In Spain Increased But Tax Issues Emerge

Crypto adoption in Spain increased but it seems that tax issues are emerging along so let’s read more in today’s latest cryptocurrency news.

With tax season approaching, some warned that the failure to comply with the Treasury’s tax-related ruling scan proves quite expensive for new and even seasoned Spanish crypto investors. A recent report from the Association for Media Research, a group with media outlets and production companies, claimed that it surveyed over 15,600 Spanish web users on their crypto-related activities.

The body announced that about 13% of the respondents stated they owned tokens which is a rise of about 50% on 2021 figures. Almost 13% of those that they said owned crypto, also said they used the tokens to make payments in the past year with six in ten transactions of the number being crypto purchases and a third of the owners said they sold their coins the past year. However, with the survey being conducted online, the figures might not be truly representative of the public which is how the tax issues emerge as well.

The link between Spanish football and crypto adoption enhances. FC Barcelona whose board rejected the idea of striking a sponsorship deal with the crypto exchanges still remains keen on crypto. El Financiero reported that the club’s president Joan Laporta talked about the potential of NFTs and crypto during the Mobil World Congress which is the biggest mobile phone conference that is held annually in Barcelona.

MWC wrapped up earlier this month and Laporta spoke of the club’s goals to launch a range of NFTS as well as crypto assets. He even claimed that blockchain technology can help add more value to the club’s outreach to fans and Laporta claimed that the club even wanted to become an innovator in the blockcahin space. However, the crypto adoption in Spain is rising despite all controversies when the parliament introduced a law that will require the holders to declare all of the holdings even if they are held on overseas platforms.

This can force crypto advocates to file the Modelo 720 which is a declaration of assets abroad but as The Objective noted, nobody seems to understand how they are supposed to declare their assets on the document. The media noted that several law firms and tax specialists expressed more doubts about how the tokens needed to be declared and added that the Ministry of Finance hasn’t clarified the criteria to be applied when making these declarations. One lawyer noted:

“Taxpayers cannot declare cryptocurrencies if there is no section [on the form] to do so and, therefore, they cannot be penalized for it. Consequently, many will choose not to declare their assets.”