New crypto bill aims to reduce tax fraud and provide clearer regulation for the emerging sector
A proposed bill in Spain, titled Draft Law on Measures to Prevent and Combat Tax Fraud, has been approved for consideration by the Spanish Council of Ministers.
On October 13, María Jesús Montero, Spain’s Minister of Finance, presented the proposal in a briefing video detailing the draft law’s objectives and measures. The proposal has raised concerns among some citizens who view parts of it as restrictive.
“Spain’s government is preparing a bill to oblige owners of cryptocurrencies to disclose their holdings and any gains booked on the assets. The new regulations will form part of a broader package of legislation aimed at cracking down on tax fraud,” Montero explained.
Under the draft, residents of Spain would be required to report any use of or holdings in digital assets, including assets held or transacted outside the country.
The bill also lowers the maximum allowable cash transaction for business payments to 1,000 euros, down from the previous 2,500 euro limit. The higher 2,500 euro threshold remains in effect for non-business transactions between individuals.
Any business payment exceeding 1,000 euros would have to be made electronically, a change that increases the use of traceable, non-cash payments.
The government’s move to tighten tax oversight of cryptocurrencies follows an awareness campaign by Tutellus and the Blockchain Observatory, which sought to familiarize Spain’s lawmakers with digital assets. The campaign distributed one euro worth of Bitcoin to each of the country’s 360 legislators to demonstrate the technology’s potential.
Tutellus founder Miguel Caballero emphasized that the distribution was not a donation but an educational initiative. “It is not a donation. Probably many of your Lordships already have some experience in the use of cryptocurrencies, but we would like those who are not yet familiar with the new money to have the opportunity to get in touch with it,” he said.
Globally, cryptocurrencies have seen growing adoption, prompting governments to develop regulatory frameworks to address tax compliance, consumer protection, and financial stability. Spain’s proposed measures reflect an effort to adapt tax enforcement to emerging digital finance, but how the public will respond to the new requirements remains uncertain.
The draft law aims to balance improved tax oversight with clearer rules for the cryptocurrency sector. Key provisions focus on reporting obligations for residents, stricter limits on cash business transactions, and broader enforcement tools to detect and deter tax fraud. As the legislative process continues, stakeholders from industry, civil society, and the public will likely debate the law’s scope, implications, and potential effects on innovation and privacy.