The Spanish tax department has clarified that self managed wallet encrypted assets do not need to declare Form 721

The Spanish tax department has confirmed that when the holder controls the private key and the assets are not held in custody by a third-party overseas, self custodial wallet encrypted assets do not need to be declared according to Form 721. This regulation comes from the binding response of the tax bureau on April 21, V0848 26721 form, which applies to virtual currencies held overseas by private key institutions that act as custodians. The judgment criteria are the ownership of private key control, consistent treatment for hot and cold wallets, and a threshold of 50000 euros for this framework. (Source: crypto. news)