Digital Currency Buyers details asked by Spain’s Tax Authorities
Spain’s Tax agency has requested Financial companies to turn over names and trading data on digital currency buyers, launching the nation’s most prominent hunt for inherent tax invasion and money laundering utilizing crypto coins. 60 organizations were sent a request for trading information. As per an official at the department, was not allowed to speak openly on the matter.
As per a source, officials have approached 16 banks, around a dozen digital currency exchanges and organizations operating digital currency ATMs and more than 40 businesses that acknowledge payment through digital currencies.
The tax agency source reported the information requests as a prelude to possibly more formal research and monitoring, adding that the agency is already investigating domestic digital currency use.
The agency is looking for granular data about digital currency transaction and the parties involved in their execution. Requested details incorporate the identities of businesses clients, bank account and credit card data and the amounts and exchange rates associated with transactions.
Moreover, in Spain, the news tracks efforts from the finance ministry, which houses the tax agency, to address bitcoin and other digital currencies in an official bulletin issued in March. At the time, government authorities distinctly sought to connect the technology to organized crime, calling for increased oversight and supervision.
The news comes in the midst of heightened curiosity among global tax agencies in digital currencies, on that follows the market’s surge to more than $800 billion in value in Q1 2018.
The international regulatory environment has turned out to be more challenging for digital currency speculators, who once flourished in a climate of anonymity and legal uncertainty. Australia this week forced new regulation on cryptocurrency exchanges.