Spanish Treasury to seize crypto to pay tax debts

Spain’s Ministry of Finance has announced tax reforms that will give more financial organizations the power to collect taxes on behalf of the government.

The Spanish Ministry of Finance is looking to expand its control over the monitoring of cryptocurrencies in the country in an effort that would allow it to seize the digital assets to settle tax debts.

The ministry, led by María Jesús Montero, is developing legislative reforms to the General Tax Law, specifically Article 162, to allow the Spanish Tax Agency to identify and take over crypto assets owned by taxpayers who maintain overdue debts, according to reports.

A royal decree, which came into force on Feb.1, expands the number of entities to be given tax collection powers. Until now, only banks, savings banks and credit cooperatives can report to the Treasury.

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