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Spanish residents who hold crypto assets on non-Spanish platforms will be required to declare them by March 31, 2024, according to new tax laws. The Spanish Tax Agency has introduced Form 721 for this purpose, with the submission period running from January 1 to the end of March. Individuals and corporations must declare the amount of funds held in their foreign crypto accounts as of December 31. However, only individuals with balances exceeding 50,000 euros are obligated to declare their foreign holdings. Those who store their assets in self-custodied wallets must report them through the standard wealth tax form, Form 714. The Spanish Tax Agency has been increasing its efforts to enforce tax compliance among local crypto holders, sending out a significant number of warning notices in recent years. Spain is actively working on implementing regulations to govern the crypto industry, including the adoption of the Markets in Crypto-Assets Act. The country’s financial regulator has also taken action against a technology provider for violating crypto promotion rules.