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Spanish Treasury to seize crypto to pay tax debts

The Spanish Ministry of Finance is seeking to expand its control over the monitoring of crypto in the country in an effort that would allow it to seize the digital assets to settle tax debts.

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The Spanish Ministry of Finance is seeking to expand its control over the monitoring of crypto in the country in an effort that would allow it to seize the digital assets to settle tax debts.

The ministry is developing legislative reforms to the General Tax Law, specifically Article 162, to allow the Spanish Tax Agency to identify and take over crypto assets owned by taxpayers who maintain overdue debts, according to reports.

A royal decree, which came into force on Feb.1, expands the number of entities to be given tax collection powers. Until now, only banks, savings banks and credit cooperatives can report to the Treasury.

The Treasury is also planning to fight tax evasion more aggressively. It is looking to force banks and electronic money institutions to report on all card transactions. The speed at which the changes are being implemented poses some challenges on the regulatory front. The country is trying to move proactively with various regulations to govern crypto. 

In October, the Spanish Ministry of Economy and Digital Transformation reported that the first comprehensive European Union crypto framework, the Markets in Crypto-Assets Regulation (MiCA), will come into force nationally in December 2025, six months before the official deadline.

Spanish residents holding any crypto assets on non-Spanish platforms have until the end of next month to declare them to the tax authorities.

The submission period for a Form 721 declaration started on Jan.1, 2024, and ends on the last day of March. Individual and corporate taxpayers must declare the amount of funds stored in their crypto accounts abroad as of Dec. 31, 2023.

However, only individuals with balance sheets exceeding the equivalent of 50,000 euros in crypto assets are obliged to declare their foreign holdings. Those who store their assets in self-custodied wallets must report their holdings through the standard wealth tax form 714.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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