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Spain has introduced new laws requiring residents to declare their crypto assets held on non-Spanish platforms. The Spanish Tax Administration Agency has unveiled a dedicated tax declaration form for virtual assets held abroad. Individuals with crypto balances exceeding 50,000 euros are required to declare their foreign holdings. The submission period for these declarations is from January 1 to the end of March 2024. The move comes as part of a growing global effort to regulate the taxation of virtual assets. Spain’s tax authorities have been increasing their focus on enforcing tax compliance in the crypto sector, with a significant increase in warning notices issued in 2022 compared to the previous year. Despite increased regulatory scrutiny, major crypto exchanges continue to expand in Spain. In addition to Spain, several governments around the world have also ramped up efforts to combat underreporting of taxable dealings in the crypto sector. The US Internal Revenue Service has been issuing letters to taxpayers with crypto transactions since 2019, and 48 countries have issued a joint statement committing to combat offshore crypto tax evasion. The UK-led Crypto-Asset Reporting Framework has been positioned as the OECD’s new tax transparency standard. Overall, these developments reflect a global push for tax compliance in the crypto industry.