Spain has confirmed that crypto assets kept in self-custody wallets do not need to be declared as foreign assets, according to ChainCatcher. The clarification draws a line between holdings controlled directly by users and assets placed with overseas custodians.
The report adds that crypto held with foreign custody institutions may still be subject to reporting if the value of those holdings exceeds 50,000 euros. It also says assets bought on overseas exchanges and fully sold within the same calendar year do not need to be reported.
The update outlines three conditions covered in the notice: self-custodied crypto is exempt, overseas custodied holdings above the stated threshold may need filing, and same-year buy-and-sell activity on foreign exchanges is exempt from reporting.
Spain has confirmed that crypto assets held in self-custody wallets do not require foreign asset reporting, according to ChainCatcher.
The report says crypto assets held with overseas custody institutions may still need to be declared if the value of the holdings exceeds 50,000 euros. It also states that if assets were bought on a foreign exchange and fully sold within the same year, no reporting is required.
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