European central bank is the deciding body that does the rules on the forex and the crypto regulations. Spain is the member nation of the European Union. And they are going to be accepting the Digital Euro as the public currency as well.
There are lot of other changes that are happening with the state and they are opening up to new types of the exchanges and the companies that operate into the crypto space. Earlier they were not following up on the regulation but that is slowly changing.
Banks in EU already realized that crypto can make them turn into the dust. And so they are bringing along the concept of the CBDC aka Diigtal Euro concept for the EU nations, which are likely to keep them relevant in the upcoming times.
However all things change and so we have to see how this would change the Spain.
So for this post I want to put on some of the new changes that are happening in the crypto taxation and the regulations space in the Spain. If you are interested then take a cup of coffee and sip on this post.
Bank of Spain Approving Crypto Companies
Binance and many other exchanges are being approved in the spain. And they would be not only going through the EU bank regulations but also the local restrictions of the European Union. Spain has so far managed to approve 17 companies that operate in the crypto space.
As the banks are making sure that the crypto companies stay compliant, some of the services from the exchange has been going through the updates and they would be struggling in the crypto license stage in near future if they don't stay compliant.
Digital Euro as Public Currency
European Central Bank is releasing the EURO in the upcoming times. And that would take another year or two. And if we consider the roadmap it would take another year or so. And there would be pilot program that would be coming into the nation. Which would be at the end of the next year.
Spain's local crypto consumers are very much interested into the CBDC that would be single currency open to all the EU citizens. And if the consumption works as the plan goes with the EU banks, I think it'd be possible that some of the stablecoins outside the govt control are likely to get banned too.
Decentralization in Spain and Crypto Taxes
Spain has the flat tax structure if the income is generated in the spain. So if the crypto income hits the spain bank then the generated tax percentage are 24%. Which is often low compared to many other EU nations where it can go upto 45%. And so the crypto being part of the capital gains, it would also invite the 24% flat tax treatment.
It just does not stop there but regardless of the tax treatment you can expect the decentralization of the services and the banking in near future in spain. Most of the crypto consumers wants to see the decentralization aspect of the crypto market and it is something they want to get into the regular financial days too.
Spain being one of the EU nation, they are likely to get the CBDC from the European Central Banks in future. And they would be also going through major regulation changes which are part of the plan from the BIS and the EU policies. However we have yet to see how the Digital Euro would impact their citizens and the taxes. Let's hope something good comes out of this change.