Spanish citizens must declare their foreign cryptocurrency holdings by the end of March 2024

ChainCatcher news, according to Cointelegraph, under the new law regarding the taxation of virtual assets, Spanish residents holding cryptocurrency worth over $55,000 on non-Spanish platforms must declare by March 31, 2024.

The Spanish Tax Agency has released Form "721," which is a tax declaration for overseas virtual assets. The declaration period for Form 721 will start on January 1, 2024, and end on the last day of March. Individual and corporate taxpayers must declare the amount of funds stored in their overseas cryptocurrency accounts as of December 31, 2023. Those who store assets in self-custody wallets must declare their holdings using Form 714.