The directive, expected to be approved and implemented by January 2026, will allow Spanish authorities to exchange data on cryptocurrency assets held on international exchanges. Similarly, Spanish tax institutions can seize these assets and collect payments of tax obligations.
Spain has introduced legislation to enhance cryptocurrency tax surveillance
Spain is preparing to follow the European directive, which will increase the level of surveillance of citizens’ cryptocurrency holdings. According to local media, the government has introduced legislation that enforces virtual asset service providers to report transaction data and user holdings.
As part of the directive on administrative cooperation on tax transparency in crypto assets (DAC8), Spanish tax agencies will also receive data from Spanish citizens who have crypto exchange accounts located in the crypto exchange (EU) in a third country that signs contracts with the EU.
DAC8 is seeking to implement compliance with EU tax law given the challenge of Cryptocurrencies posing for European tax authorities due to its decentralized nature. The directive covers the exchange of information regarding crypto transactions and holdings on an annual basis with tax authorities.
Additionally, the draft introduced allows Spanish tax agencies to seize cryptocurrency holdings of users with tax liabilities. This extends to other digital assets as well. The measure is attempting to expand the scope of tax authorities. This can confiscate only the money held in traditional banking institutions for this purpose.
Cryptocurrency lawyer CRIS Carrascosa declared she was involved in drafting the project, emphasizing that she believes that “it affects changing issues such as innovation, but is very technical and the only way to pass fair, wise and effective laws.”
DAC8 was implemented across Europe in January 2026 and aims to generate more than 2.4 billion euros in taxes at a new level of scrutiny. The EU Taxation and Customs Union estimates that the first data exchange related to the first reporting year (2026) will take place by September 30, 2027.
Read more: Warning: Europe may not take back what makes Bitcoin illegal
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