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The Spanish Ministry of Finance wants the right to confiscate the crypto assets of its residents

The Spanish Ministry of Finance wants the right to confiscate the crypto assets of its residents

As part of new tax changes, the Spanish Ministry of Finance plans to expand its powers to confiscate cryptocurrencies and NFTs.

Spanish newspaper El Economista reports that the ministry is preparing for a new tax reform that will provide powers to confiscate cryptocurrencies and digital assets in case of non-payment of taxes. Thus, if a debt arises for income tax or other taxes, the state will have the right to confiscate cryptocurrencies and NFTs to cover such debt. To do this, it will be necessary to amend Article 162 of the General Tax Law.

The Ministry already has information about cryptocurrency assets of taxpayers.

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