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Author Topic: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud  (Read 174 times)

chaabane

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Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« on: November 07, 2018, 04:13:34 PM »

Cryptocurrencies expanded all over the world. They allow individuals and companies to send and receive payments in a fast and easy way. However, they have also been used by criminals in order to launder many and avoid paying taxes. This is why the Cabinet Council decided to fight against tax evasion.

Spain Fights Tax Evasion
The number of individuals using Bitcoin has increased over time. And indeed, it is the biggest and most valuable virtual currency in the market. Local authorities are worried about how to control them and regulate them. There are criminals that use them to launder money and avoid paying taxes.

This is why the Cabinet Council in Spain decided to approve a draft law to fight against tax fraud related to virtual currencies. However, this is not the first time that the agency in charge of collecting taxes closely follows individuals and companies using virtual currencies.

Those who own virtual currencies would have to inform all the operations they conduct and the funds they have in the country or abroad. This is in order to track the movement of virtual currencies and avoid fraud.

The Catalonian independentist leader, Carles Puigdemont was allegedly accepting Bitcoin payments in order to gather funds.

Spain has several times tried to regulate the space, although, this task has not been easy. Indeed, the country asked the European Union to propose a regulation for the whole continent. Until now, there are no clear frameworks at the EU level. Each country has decided its own policy towards virtual currencies.

The country has been attracting several companies that are currently operating in different cities such as Barcelona. The crypto-community is also very important in Spain. There are enthusiasts in the most important cities and projects growing all over the country.

Some days ago, we wrote at CoinStaker that a representative from the Bank of Spain said that blockchain technology is able to revolutionize the financial world. Josť Luis Romero Ugarte, member of the General Directorate of Operations, Markets and Payment Systems at the Bank of Spain, said that the technology could improve different sectors.
Countries such as Japan or Malta have proposed very clear regulations for virtual currencies. This is why now, these two nations, are receiving an important influx of companies that operate worldwide.
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t3ChNo

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #1 on: November 08, 2018, 12:42:13 AM »

Governments want to get hold of everything that can be taxed.
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W0lly

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #2 on: November 13, 2018, 11:15:33 AM »

Indeed, its just a way to get more taxes.
On the other hand it is maybe good that they want to regulate it so it is possible to pay in more places with bitcoin.
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wolffz0908

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #3 on: November 14, 2018, 01:43:07 AM »

They will do it because it will add up with their profit. No wonder why many countries wants to put tax too in using cryptocurrencies, it will give them huge profit.
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teststake

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #4 on: November 14, 2018, 08:27:20 AM »

Now more and more governments try to somehow tax the profits made from cryptocurrencies. This is not right. Actually these governments don't like cryptocurrencies because with cryptocurrencies like Bitcoin, their government powers can be challenged by normal people. So they now want to regulate cryptocurrencies and actually want to gain more controls over people.
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blokceyin

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #5 on: November 14, 2018, 08:29:40 AM »

Here is another quote.  :D

I don't know the Staker forums but if you are doing it in the Bitcointalk forums too, you'll definitely get banned. ::)
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kissmarx

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #6 on: November 15, 2018, 05:33:57 AM »

I think governments should not regulate cryptocurrencies. With a purpose to fight tax fraud, it is not the right excuse. They can do that when people transact in banks. But it should not be with crypto.
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llyfee

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #7 on: November 15, 2018, 07:16:57 AM »

I think this is the logical conclusion to crypto to be honest.  I don't see how we can continue how thing are now, especially if the ambition remains or continue to be mass adoption. 
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yumei88

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #8 on: November 15, 2018, 12:47:14 PM »

Whether we like it or not governments will do things that will mostly benefitted them, ban it or accept it and regulate it they will choose the one that will give them profit.
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circlesseeker

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #9 on: November 15, 2018, 03:00:05 PM »

Governments want to get hold of everything that can be taxed.

Definitely. This is no good.
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sfr2018

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #10 on: November 16, 2018, 05:46:52 AM »

All goverments wants to regulate cryptocurrencies by tax :)
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mcabrito

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #11 on: November 16, 2018, 09:48:51 AM »

Governments only want to get more profit so they are regulating it and putting tax so that it will add up to the countries funds.
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knggtrrz

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #12 on: November 16, 2018, 10:48:02 AM »

The main agenda here is to get more funding and they saw that cryptos will get them huge profit because of taxes they will collected.
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cammie16

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #13 on: November 16, 2018, 02:01:40 PM »

Yes, governments want to get more profit so even cryptocurrencies they also put taxes so people who have lots of it must pay their taxes.
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Pivooooo

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Re: Spain Wants to Regulate Cryptocurrencies to Fight Tax Fraud
« Reply #14 on: November 16, 2018, 08:00:26 PM »

Luckily my government still not legalize bitcoin yet so I can still earn bitcoin without paying any tax. For who already legalized by government, there is no other way since when people not paying the bitcoin tax, they are against the law
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