Spain's most anti-privacy and anti-crypto law comes into force. - page 2.

Die_empty

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Quote from: Cuenta Alternativa on April 25, 2023, 01:25:31 PM

This will give the rest of the forum members an idea of what may be coming in the near future in their countries, especially in Europe.

There will always be a solution to every problem. If Europe becomes very stringent on Bitcoin operations, bitcoiners will be forced to move out and search for other better nations. This will make them lose huge investments, employment opportunities, and tax revenue. I didn't think there will ever be any consensus among nations regarding cryptocurrencies. Every nation will have its policy on the currency.

Quote from: The Cryptovator on April 25, 2023, 03:12:33 PM

If you utilize any centralized organization, it's impossible to safeguard your privacy completely. This implies that if you conduct any transactions with a centralized exchange or wallet linked to a bank, your transactions would be reported to the government. The most secure method to manage your funds is through non-custodial wallets and Decentralized exchanges. Moreover, you can convert your currency through peer-to-peer (p2p) exchanges.

They know that the sector is growing rapidly and it will be a good source of revenue. So they want to regulate the cryptocurrency ecosystem so that they can collect taxes. The best option is to avoid centralized exchanges. But in some countries, the P2P system is functional forcing people to rely on these centralized platforms.

sokani

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Quote from: Dr.Bitcoin_Strange on April 25, 2023, 01:59:49 PM

This is why it is advised not to use a centralized system to purchase or sell Bitcoin; instead, a P2P system is greatly encouraged. Since the law has ordered all crypto transaction data to be submitted, except for people who have used a centralized system to carry out their Bitcoin transactions, those who used a P2P system cannot be tracked. You can only see the transaction taking place in their Bitcoin wallet and also see the Bitcoin in the owner's wallet, but you cannot trace the user. So I feel sorry for those who used a centralized platform to purchase Bitcoin; they can be easily identified through their KYC details or log-in IP if the Spanish government wants to know the identity of individuals through the corporation of those entities that provide crypto related service.

KYC is an attached to Bitcoin; it's always said in this forum.

You're absolutely right. That's one of the reasons I'm always scared of transacting my crypto-fiat deals with centralized platforms that can still be controlled by government. With such information at their disposal, they will be able to track and monitor the financial activities of the crypto enthusiasts in the country which is a breach to privacy. P2P is still the best option or a decentralized exchange.

mendace

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Quote from: Cuenta Alternativa on April 25, 2023, 01:25:31 PM

Today is a sad day for those of us who use bitcoin and value our privacy. Just today, a law came into force in Spain that obliges entities that provide crypto-related services in the country to report absolutely all transactions carried out during the year.

Well if it can console you in Italy too it is roughly like this, when you make your tax return you should declare exactly how many utxos have been moved and from which address to which address and obviously declare how many Bitcoins you currently hold and it is in any case much longer than Like this. Obviously, if a lot of Btc and above all LN were to be used, it would be madness to have to keep track of all these outputs and inputs and I suppose that the exchanges will equip themselves with this function

The Cryptovator

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If you utilize any centralized organization, it's impossible to safeguard your privacy completely. This implies that if you conduct any transactions with a centralized exchange or wallet linked to a bank, your transactions would be reported to the government. The most secure method to manage your funds is through non-custodial wallets and Decentralized exchanges. Moreover, you can convert your currency through peer-to-peer (p2p) exchanges.

un_rank

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- Jay -

If you operate on a regulated exchange always assume that your entire trading habit is available to the government whether or not there is a public announcement of it being reported. Coinbase 2 years back reported that all transactions above $10,000 should be reported to the IRS^[1] and be rest assured many centralized exchanges can be doing this too.

If you want the government out of your business then do not use a centralized exchanges which are controlled by the government.

[1] https://www.bloomberg.com/news/articles/2021-05-20/treasury-calls-for-crypto-transfers-over-10-000-reported-to-irs#xj4y7vzkg

- Jay -

franky1

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it actually talks about not needing to report transactions of value below 50,000eur and only sending account balance info once a year based on holdings of customers as of the 31st of december

so its not as "watch everyone" as the OP is trying to suggest

Dr.Bitcoin_Strange

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Quote from: Cuenta Alternativa on April 25, 2023, 01:25:31 PM

Today is a sad day for those of us who use bitcoin and value our privacy. Just today, a law came into force in Spain that obliges entities that provide crypto-related services in the country to report absolutely all transactions carried out during the year.

This is a direct attack not only on our privacy but also on cryptocurrency users, as no other tax legislation has gone this far.

This is why it is advised not to use a centralized system to purchase or sell Bitcoin; instead, a P2P system is greatly encouraged. Since the law has ordered all crypto transaction data to be submitted, except for people who have used a centralized system to carry out their Bitcoin transactions, those who used a P2P system cannot be tracked. You can only see the transaction taking place in their Bitcoin wallet and also see the Bitcoin in the owner's wallet, but you cannot trace the user. So I feel sorry for those who used a centralized platform to purchase Bitcoin; they can be easily identified through their KYC details or log-in IP if the Spanish government wants to know the identity of individuals through the corporation of those entities that provide crypto related service.

KYC is an attached to Bitcoin; it's always said in this forum.

Cuenta Alternativa

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Today is a sad day for those of us who use bitcoin and value our privacy. Just today, a law came into force in Spain that obliges entities that provide crypto-related services in the country to report absolutely all transactions carried out during the year.

This is a direct attack not only on our privacy but also on cryptocurrency users, as no other tax legislation has gone this far.

For example, there is no law in Spain that obliges banks to report each and every transaction carried out by all users. If in the course of an investigation there are suspicions, the authorities require the data and the banks give it to them, but they do not transmit all the data by default.

This will give the rest of the forum members an idea of what may be coming in the near future in their countries, especially in Europe.

I have searched for information in English about this and can't find anything published, although I am not sorry that it is in this forum that we are emphasising the nefariousness of this legislation.

I put a link in Spanish and anyone who is curious can use an online translator:

Hacienda de España conocerá todo sobre ti si compras bitcoin en exchanges centralizados

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