Crypto Oversight Bill Advances in Spain as Parliament Blocks Veto

TLDR

• Spain’s Congress rejected a motion from the Vox party to block a crypto regulation bill.
• The bill aims to align Spain’s tax law with the European Union’s DAC8 directive.
• The legislation strengthens tax reporting rules for crypto-asset service providers.
• The government stated that the bill will enhance fraud detection and promote taxpayer compliance.
• Vox accused the government of using the bill to push unrelated political interests.

Spain’s lower house of parliament rejected Vox’s motion to block a crypto-oversight bill aligned with EU regulations. The bill now advances, aiming to improve tax oversight, increase transparency, and align Spain’s law with European standards. The government secured 176 votes in favor of the motion, with 32 votes against and 136 abstentions.

EU-Aligned Crypto Law Advances Despite Opposition

Spain’s Congress voted to push forward a bill transposing the EU’s DAC8 directive into national legislation. The directive extends reporting obligations for crypto-asset service providers operating within and outside the European Union. Spain’s government stated the bill will help strengthen international tax cooperation and improve fraud detection.

Vice President and Finance Minister María Jesús Montero stated that the measure ensures Spain fulfills its European fiscal transparency commitments. She explained, “The Tax Agency needs better data to supervise this activity and support taxpayers.” The directive demands crypto providers share customer information with tax authorities.

The bill defines crypto-assets, including those in payment platforms, as seizeable property for the first time in Spain. It also adjusts tax collection rules and aligns tax prescription periods with Supreme Court rulings. These technical changes, the government claimed, ensure better enforcement and clarity under Spain’s fiscal framework.

Vox Criticises the Bill as Politically Motivated

Spain’s far-right Vox party accused the government of misusing the legislation for political survival without passing a full budget. Vox spokesperson José María Figaredo called it a “lifeline” used to “keep itself alive” with unrelated amendments. He said PSOE affiliates gained privileges while ordinary Spaniards carried the tax burden.

Vox voted to return the bill to the government, arguing it manipulates European directives to serve domestic political goals. Figaredo also questioned the government’s sincerity, saying Montero preaches solidarity while shielding allies from tax scrutiny. Montero responded, blaming Vox’s opposition on its distrust of the EU and support for market deregulation.

She emphasized that crypto-assets require strict monitoring due to their misuse in unregulated markets. Montero stated, “Spain cannot afford to lag in regulating this emerging market.” She added that rejecting the directive could risk legal action from Brussels for non-compliance.

Spain’s Crypto Bill Heads to Committee

Spain’s conservative People’s Party abstained, calling the bill “technical and innocuous” but warned against potential misuse during the legislative phase. PP deputy Santi Rodríguez Serra said support could fade if political concessions dilute the bill’s core purpose. He recalled last year’s fiscal package that was altered through internal negotiations.

Meanwhile, the left-wing Sumar party supported the crypto bill but demanded changes to strengthen its regulatory impact. They proposed classifying crypto-assets by risk and taxing their gains under general income rates. Sumar said these steps would align Spain’s law better with fair taxation principles.

Spain’s Congress will now send the bill to the committee for further review and amendments. The legislation, if passed, will enable Spain to enforce its crypto rules and meet EU governance expectations. 

The post Crypto Oversight Bill Advances in Spain as Parliament Blocks Veto appeared first on CoinCentral.