Spain Launches Investigation into the Taxation of Cryptocurrencies

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El Agencia Estatal de Administración Tributaria, the main tax agency for Spain has reportedly requested cryptocurrency traders at over 60 financial services companies to surrender their clients’ names and trading data, suggesting that an enforcement surge against virtual currency tax evasion is being planned for.

At the same time, two partners at a prominent US law firm have published an article advising US citizens with unreported cryptocurrency income regarding how to better safeguard themselves against Internal Revenue Service (IRS) action from Spain.