Latest news with #DAC8
Coin Geek
a day ago
- Business
- Coin Geek
Spain tracks digital asset holdings for taxes under proposed law
Homepage > News > Business > Spain tracks digital asset holdings for taxes under proposed law Getting your Trinity Audio player ready... Spain is cracking down on tax evaders in the digital asset sector with a proposed law that requires exchanges to share user data with tax authorities. The proposal was submitted to Congress by the Council of Ministers, reports local outlet El Economista. It requires virtual asset service providers to report users' transactions and account balances to the tax authorities, enabling the tax agency—known as the Agencia Tributaria—to clamp down on tax cheats. The proposed bill aligns Spain's tax code with the 8th amendment to the Directive on Administrative Cooperation (DAC8). This EU-wide directive that mandates VASPs to report user transactions to EU tax authorities. It covers VASPs based in the region and offshore exchanges with EU users. By aligning with DAC8, Spain's proposed law will enable the Agencia Tributaria to receive data from other EU countries on digital assets held by Spanish investors. 'This will entail greater control over assets of this type located abroad and over balances,' the Ministry of Finance said in a statement. Beyond access to data, the proposal would enable the government to seize digital assets held by tax evaders as payment for arrears. According to Spanish digital asset lawyer Cris Carrascosa, the Finance Ministry consulted some industry stakeholders while drafting the bill. '…I trust that public-private collaboration in drafting regulations that affect evolving, yet highly technical, issues, such as innovation, is the only way to pass fair, sensible, and effective laws,' he stated on X. If legislators adopt the proposal, it would take effect in January 2026. Spain isn't alone in implementing the EU's DAC8. On Thursday, Slovakian lawmakers approved Bill No. 706, which aligns the country's tax regulations with the European framework. Providers who fail to report their users' data as required by the new law will face a €30,000 ($34,585) fine, while operators will face a €15,000 ($17,292) penalty. Kenya's digital asset sector decries proposed taxes In Kenya, stakeholders in the digital asset industry are waging a war against proposed taxes that they say could derail adoption. The East African nation is among the leading digital asset hubs on the continent, but regulators are still playing catch-up, including with taxation. The government proposed a 1.5% digital asset tax on every transaction two years ago. The uproar from the sector has kept the tax at bay, but in recent months, legislators have resumed debate on the proposals. The East African nation is among the leading digital asset hubs on the continent, but regulators are still playing catch-up, including with taxation. The government proposed a 1.5% digital asset tax on every transaction two years ago. The uproar from the sector has kept the tax at bay, but in recent months, legislators have resumed debate on the proposals. Industry stakeholders have been pushing back against the tax. Chebet Kipingor, the business operations manager at Busha exchange—one of only two licensed exchanges in Nigeria—says in one news outlet that the tax could drive startups to other friendlier jurisdictions and blow Kenya's fintech leadership. The Kenya Revenue Authority has previously stated that it collected $78 million in taxes from the sector in the 2023-24 financial year. The authority has set a target of $466 million, which would require an aggressive tax base expansion. Chebet says that while such an expansion is valid, 'the policy's current form could deliver unintended consequences for Kenya and financial inclusion efforts across the continent.' Other stakeholders have called for a more nuanced approach that accounts for digital asset complexity. Allan Kakai, who heads the local Virtual Assets Chamber of Commerce, says the best approach would be to tax on- and off-ramping transactions. Under the proposed framework, even transferring digital assets from one wallet to another would attract taxation. 'Stablecoins are utility assets. Bitcoin is speculative. Treating them the same makes no sense,' Kakai stated. The digital asset community has reiterated that it's not against regulations and taxation; all it seeks is a balanced approach that doesn't punish innovators. 'With the right regulations, those that promote innovation, attract investment, and expand economic opportunity, Kenya can lead the continent. Positive policies will unlock job creation, increase government revenue, and bring more traditional finance players into the space,' added Kakai. The tax framework could play a key role in whether Kenyan financial institutions support digital assets, with overly stringent requirements likely to put them off. According to the country's central bank, over 30% of the country's lenders are ready to integrate digital assets. Watch: Here's how Triple Entry Accounting guarantees trust in accounting
Business Wire
12-06-2025
- Business
- Business Wire
Taxbit Partners with Global Blockchain Business Council (GBBC) to Support Their Growing Cryptocurrency and Stablecoin Management Needs
WASHINGTON--(BUSINESS WIRE)-- Taxbit, the enterprise-grade tax and accounting compliance platform for digital assets, has announced a partnership with Global Blockchain Business Council (GBBC), one of the most trusted non-profit associations for the blockchain, digital assets, and emerging technology community. The partnership means that GBBC, a large, geographically diverse organization with US, EMEA, and APAC operations, has selected Taxbit to support its financial reporting requirements, global accounting needs, and blockchain transaction recordkeeping. Founded in 2017 in Davos, Switzerland, GBBC comprises more than 500 institutional members and 284 Ambassadors across 124 jurisdictions. By engaging with its members and communities around the globe, GBBC utilizes cryptocurrency for transactions, and is required to keep an accurate account, particularly with the rollout of compliance frameworks like CARF, DAC8, MiCA, and current IRS policy. Through its proprietary software, easy to integrate APIs and simple UX, Taxbit removes all the complexity for organizations to ensure they have a clean, precise, and compliant account of their digital assets and meet all financial information reporting requirements. 'Partnering with the GBBC is a natural alignment for Taxbit because both organizations are forces for good by the very nature of their missions. GBBC is one of the industry's most influential non-profit associations, with a vast array of wallets, assets, and transaction addresses across the globe. We are excited to give them peace of mind for all of their accounting needs, while powering their efforts to champion the responsible adoption of blockchain technologies.' - Michelle O'Connor, VP of Global Market Expansion GBBC joins a list of hundreds of revered customers, like Paypal, Uphold, Google, and MARA, using Taxbit's award-winning software. GBBC will begin using the technology in July 2025, soon after hosting their highly coveted Blockchain Central event in Washington DC. 'We are delighted to partner with Taxbit as we continue to steward digital transformation across global markets and promote global regulatory dialogue alongside them. Taxbit's tools will equip us with the transparency and compliance rigor needed as we embrace and expand the use of digital assets in our operations.' - Sandra Ro, CEO of Global Blockchain Business Council. As the world's premier industry association for the blockchain ecosystem, GBBC plays a critical role in driving adoption and advancing responsible innovation across the world. The collaboration between GBBC and Taxbit highlights a growing trend among forward-thinking institutions to integrate best-in-class compliance infrastructure as digital assets become increasingly mainstream. About Taxbit Taxbit is the premier tax and accounting compliance platform designed by CPAs and tax attorneys to simplify compliance and reporting for digital assets. Enterprises, financial institutions, and government agencies trust our comprehensive, end-to-end solution to compliance and ensure accuracy. Taxbit is certified with SOC 1 Type 1, SOC 2 Type 2 attestation, and ISO 27001 standards. With over $235 million in funding from top global investors like Ribbit, IVP, Paradigm, Haun Ventures, and PayPal Ventures, Taxbit is headquartered in Draper, Utah, and has offices in Salt Lake City, San Francisco, Seattle, New York, Washington, D.C., Amsterdam and London. Discover more at About Global Blockchain Business Council (GBBC) Global Blockchain Business Council (GBBC) is the trusted non-profit association for the blockchain, digital assets, and emerging technology community. Founded in 2017 in Davos, Switzerland, GBBC comprises more than 500 institutional members and 284 Ambassadors across 124 jurisdictions and disciplines. GBBC furthers adoption of blockchain and emerging technologies by engaging regulators, business leaders, and global changemakers to harness these transformative tools for more secure and functional societies.
