According to Bloomberg, the Spanish authorities intend to draft legislation that would require holders of digital currencies to disclose their assets and profits from trading.

The draft law was first introduced in 2018. Then the country’s tax agency required financial companies to disclose the names and trade data of those who regularly purchase and trade crypto assets.

The initiative was to prevent potential tax evasion and to Bitcoin Rush prevent money laundering through digital assets.

Curiously, Crypto Baron John Macafi was recently arrested by the Spanish police on charges of tax evasion. Macafi is currently awaiting extradition to the USA, where he will be tried for preventing his tax payments for four years.

The Russian government is currently considering a similar bill requiring holders of digital currencies to disclose their crypto assets.

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