The Treasury may seize your cryptocurrencies in these cases

We have written and talked a lot about cryptocurrencies as non-State assets. We have even explained how cryptocurrencies are declared in the Income statement. It’s not like having bills under your mattress anymore.

The Tax Agency has made it clear in the Official State Gazette that during this year “the actions to locate new assets subject to seizure actions will be promoted, with a special focus on crypto assets and virtual currencies.”

In other words, the Spanish Tax Agency this year will strengthen its actions to locate and seize cryptocurrencies and virtual currencies, when there is a tax commitment to pay. if you owe him money to the Spanish State and you think you are safe with your wallet cryptosYou couldn’t be more wrong.

This location and embargo will be carried out by the Collection Area of ​​the Tax Agency, following the guideline of investigating the use of virtual currencies on Spanish soil. It is money and we must begin to understand it that way.

How the Treasury will act before your Bitcoin and Ethereum cryptos

According to the Tax Agency, the seizure of cryptocurrencies to taxpayers will be executed in a similar way to that of an action. This means that a crypto asset wallet will be seized.

This is how the office will request the custody keys from a bitcoin and cryptocurrency exchange, or a wallet provider, and will order the freezing of the wallet so that transactions cannot be carried out.

Operations in Bizum that could cause you problems with the 2022/23 Income Tax

Once this is done, it will be when the Tax Agency will request the liquidation of the assets in the purse to be seized and that said funds be transferred to the Ministry of Finance in euros, for the amount that the cryptoactive is listed for at that time, they explain in El Español.

Beyond the embargoes, the Tax agency established in its action plan for this 2023 an investigation to learn about the use of cryptocurrencies in the digital economy. The purpose is to “detect assets whose origin may be linked to criminal activities.”