Spanish tax authorities to send 328,000 chain letters to cryptans

The Spanish State Tax Administration Agency (AEAT) seems to have decided to get serious about cryptocurrencies. It intends to send out 328,000 “letters of happiness” to residents who must pay taxes on cryptocurrencies at the end of fiscal year 2022.

According to the local newspaper El Mundo, the number of notifications for cryptocurrency users increased by 40% in 2023. In 2022, only 150,000 warnings were sent out. In 2021, only 15,000 notifications were sent out.

To be fair, it’s not just cryptos who are the lucky ones – this year more than 660,000 notices will be sent to those who underestimate their income from renting real estate, and 807,000 for hiding income abroad.

The notices invite residents to voluntarily pay tax on profits received from the sale of digital assets. Its size varies from 19% to 23%. Those who do not pay their taxes on time will be forced to pay a fine of 26%. It is calculated based on the amount of unpaid tax.

According to a report by Spanish regulators, in August 2022, 6.8% of the Spanish population owned crypto assets. They are relatively young – mostly between 35 and 44 years old, have college degrees and earn more than $3,000 euros a month.

Spain ranks first in Europe in terms of the number of crypto ATMs – there are 231 of them in the country, which is 15% of the total number of such machines. And the fourth place in the world ranking, after the United States, Canada and Australia.

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