Spain is working on a bill that would require crypto investors to disclose their holdings

Spain’s government is working on a bill that would require the country’s crypto investors to disclose their holdings and profits if passed.

The bill is planned to catch tax evaders and prevent tax fraud, said government spokeswoman Maria Jesus Montero after the weekly cabinet meeting, as Reuters reported on Tuesday. Details of the proposed bill remain scant.

Spain’s Ministry of Finance has been looking to tighten the noose on cryptocurrencies since as early as 2018. At the time, Montero said the government wishes to gain “identification of the holders and the balances contributed by these virtual currencies.”

“It is stated as mandatory that people and companies inform the Tax Agency about this operation,” said Montero at the time, including if holders are Spanish residents living abroad.