This year, the Spanish tax authorities are stepping up their checks for cryptocurrency traders.   The Agencia Estatal de Administración Tributaria (AEAT) plans to send 4 times more reminder letters than last year to taxpayers with cryptocurrency transactions, reports EuropaPress.

The agency thus plans to send around 65,000 notices against only less than 15,000 in 2019 and specifies to maintain its calendar despite the crisis linked to the coronavirus which is hitting the country hard. In 2018, the Spanish government approved a bill to force citizens to disclose their assets in cryptocurrencies. According to official sources, Spain applies a tax between 19 and 23% on the profits generated by investing in digital assets like Bitcoin.