Spanish Tax Authority: Crypto Showdown Over Tax Evasion

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The Agencia Estatal de Administración Tributaria (AEAT), more commonly known as the Agencia Tributaria, the tax agency of the Spanish government is set to take a hard-line stance on what it suspects to be tax evasion activities aided and abetted by cryptocurrencies.

The move comes as yet another chapter in the growing Spanish narrative with regard to the market. Spain now joins a list of countries including Australia, the United States, and several EU nations that are taking steps to prevent crypto-fueled tax evasion.

Request for Trading Information

According to reports in the local Spanish media, the country’s tax agency has requested for names and trading data pertaining to crypto traders. These requests have been made to a total of 60 finance companies.

Commenting on the development, an unnamed source revealed that the firms that have been asked to turn over crypto buyer information include banks, crypto trading platforms, and even securities firms.

It is reported to be the most significant action ever taken by the government in its quest to prevent cryptocurrency from being used as an avenue for tax evasion and money laundering activities.

The move is reported to have come about as a consequence of an investigation carried out by the National Fraud Investigation Office. The investigative probe examined the bank accounts of foreign-exchange platforms.

The new development by the tax agency is part of the overall agenda of the government to put a stop to online tax evasion. In the last few years, there have reports of widespread tax evasion in the country, primarily by noted celebrities such as musicians and even football players. The country now seems to be turning its attention to Internet-based companies and the activities of their clientele.

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