Spain wants to take control of this ecosystem by increasing cryptocurrency surveillance. In this context, citizens will be required to report their existence.
Spain to tighten cryptocurrency surveillance
Some countries want to control the mobility of citizens in cryptocurrency. By monitoring the movements in this ecosystem, it is planned to have a safe money transfer in the country.
With the new system that Spain is working on, citizens will be obliged to report their Bitcoin and altcoin assets. In addition, citizens will have to notify even if they are held abroad. The new claims made were that Spain was preparing to implement this practice in the coming days.
With the system named Model 720, which is currently in practice in Spain, citizens were obliged to report their presence abroad. With the growth in Spain’s cryptocurrency ecosystem, it plans to expand the Model 720 to include cryptocurrencies. Currently, citizens are fined 5 thousand Euros in case of violation of obligations. The penalties applied for not reporting assets may also increase.