On Thursday, Spain’s lower house of parliament rejected a motion from the far-right Vox party to prevent a bill harmonising national law with the European Union’s crypto-asset regulation, a policy to boost tax detection and fight fraud.
Vox’s motion to return the bill to the government was turned down by the Congress plenary with 176 votes against, 32 in favour (from Vox), and 136 abstentions of the conservative People’s Party (PP).
The outcome enables the measure to advance in the legislative process.
Government pushes for stronger fiscal transparency
Spain’s Vice President and Finance Minister, María Jesús Montero, called the proposal necessary to fulfil international obligations for fiscal transparency.
The legislation, she said, would give “the Tax Agency better data to improve oversight of this kind of activity, better fight fraud, and better support taxpayers.”
The bill transposes the EU’s DAC8 directive, which extends reporting requirements for crypto-asset service providers.
Its goal is to tighten its grip over overseas-held digital assets and strengthen cooperation between EU tax authorities.
Montero emphasised that Spain must comply with its European obligations, warning that failure to do so could trigger an infringement procedure from Brussels.
Vox denounces the law as a “Lifeline” for the government
Vox tried to prevent the measure, arguing it would be a political tool for a “corrupt government.”
The party’s representative, José María Figaredo, has accused the executive of utilising the bill to include unconnected amendments to “keep itself alive” without passing an overall budget.
Figaredo accused Montero of preaching solidarity in tax matters, arguing that “the people close to the Socialist Party (PSOE) have benefited from public positions and tax benefits” and that the “common Spaniards have paid off the taxes.”
Montero responded, claiming Vox’s resistance stemmed from a lack of faith in the European Union and a “defence of financial market deregulation, particularly in crypto-assets.”
She said that their opposition to more monitoring “comes as no surprise.”
Cautious support from the PP and other groups
The conservative PP’s deputy Santi Rodríguez Serra described the bill as “technical and innocuous,” but warned that its support would dwindle if the legislative process became a “bazaar” of concessions among the government’s coalition partners, as happened with last year’s fiscal package.
Meanwhile, Sumar, a left-wing party aligned with the government, applauded the attempt to implement “control mechanisms” in digital markets.
However, it stated plans to submit modifications, including a risk-based classification of cryptoassets and a proposal to tax gains from such assets at the general income rate rather than the savings rate.
Expanded reporting and enforcement measures
Under the DAC8 framework, crypto-asset providers will be subject to additional reporting requirements, allowing tax authorities to acquire information on both resident and non-resident customers.
This improved data interchange will facilitate mutual aid among EU member states.
The law also makes technical revisions to tax prescription periods to reconcile them with Supreme Court jurisprudence, as well as expanding the Treasury’s collection authorities.
For the first time, crypto-assets, including those housed in payment institutions and electronic money accounts, will be legally defined as seizeable property.
Toward a more transparent digital economy
Montero, appealing to “common sense” to enable the passage of the bill, argued that “Spain cannot afford to lag” when it comes to regulation of the emerging market.
The measure can now go through further committee review after the veto was defeated, a key step toward enacting European crypto transparency rules into Spanish law.
If passed, the law would make digital assets regulation stronger, increase collaboration with European tax authorities, and assist Spain in catching up with the EU’s changing fiscal governance structure.
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