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Bitcoin [BTC] and other cryptocurrency holdings need to be fully disclosed says Spanish Government proposal

Akash Anand



Bitcoin [BTC] and other cryptocurrency holdings need to be fully disclosed says Spanish Government proposal
Source: Unsplash

On 20th October, the Spanish government announced plans for all cryptocurrency investors to disclose their holdings regardless of the investment being within state boundaries or offshore.

The government has decided to take these steps in lieu of several cases of monetary fraudulent activities and plans to put a heavy clamp on it. The plans for the full disclosure was announced by Isabel Celaa, a spokesperson of the Spanish government as well as the Minister of Education and Vocational training. Although the law is still in its proposal stage, several members of the government feel that regulations on the digital assets are the need of the hour.

The details of the proposal point to the European nation taking a serious stance on the virtual currency industry. Investors and holders will be asked to reveal all details of their digital currency holding which will be subject to Spain’s 720 disclosure form. The Form 720 is a tax declaration that reports to the Spanish Tax Agency about all the assets that a user possesses.

Reports have shown that if any holder fails to disclose any detail properly, he or she will be penalized with a hefty fine of 5000 Euros.

The European Union, of which Spain is a part of, had been in the news earlier when it had declared cryptocurrencies can be used as a substitute for money. The EU had said:

“A digital representation of value, not issued by a central bank, credit institution or e-money institution, which in some circumstances can be used as an alternative to money.”

The report issued by the European Union on this topic had further stated that even central banks can issue their own individual cryptocurrency giving a boost to the digital asset industry. The organization had also recognized that although cryptocurrencies can be a viable trade option, regulating them will be the biggest challenge.

Some of the countries in the European Union have also taken the step to establish the European Blockchain Partnership. The countries involved in the partnership are Belgium, Austria, Bulgaria, Czech Republic, Estonia, Finland, France, Germany, Ireland, Latvia, Luxembourg, Lithuania, Netherlands, Malta, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the UK.

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Bitcoin’s [BTC] dump may have triggered migration of BTCs worth hundreds of millions




Bitcoin's [BTC] dump may have triggered migration of BTCs worth hundreds of millions
Source: Unsplash

Bitcoin dropped by 3.55% over 3 hours, an approximate drop of $200, causing many altcoins to dip by more than 8%. Although it might be a coincidence, thousands of Bitcoins started to migrate from wallets to exchanges, wallets to wallets, and exchanges to wallets.

Whale Alert, a Twitter user, pointed out the same in his tweets. A total of  25,000 BTC were sent in under 20 minutes, in multiples of 5000 BTC each, in a wallet to wallet transaction. Two of these transfers were initiated from an unknown wallet [3BYv2L9zCFYpvRQXakqkVWa7JyRw6Q9ZAm] to two other unknown wallets [3PWNGS2357TnjRX7FpewqR3e3qsWwpFrJH, 3CAF6ZjtJKaHiJixViXncTRwG3N5ss9vn4].

These 5 transfers were worth approximately $140 million. The third transfer took place from multiple wallets to a single wallet [3HuUiXmKN3beQSoM97kWjK1fesWWJvKvaZ].

Additionally, there were two massive transactions that took place two hours after the drop; the first transaction involved 14,999 BTC, while the second involved 11,000 BTC.

The former transaction was sent from two wallets to a single wallet [3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i], which is the balance of the wallet. The latter transaction was similar to the one mentioned above, as the transaction originated from two wallets.

Another transaction containing 9,000 BTC was transferred from 357R3FeNmySYeHuRfyhFd6nMwzoLDdjfwV to 3NmHmQte2rP8pS54U3B8LPYQKkpG1pFF69. The sender has approximately 9,412 BTC after the transfer, while the recipient has 9,000 BTC.

All of the above transactions were worth approximately $332 million. The massive BTCs transferred could be due to the recent fall in the price. It can also be speculated that BTC whales were securing their profits earned from the shorts.

A Twitter user @Emperor_YZ commented,

“and who say the fee is high, just 30,360 sat ($1.67)🤔 for a $82.37 million transfer …”

Another user, @Omarin0, commented,

“It would have also been 1.67$ for a 1.67$ transfer. 100% fee. How nice”

@Emperor_YZ replied,

“wrong, you can use LN or other layer 2 apps to do small amount payments 😎 for BTC base layer, network security is always top priority, L2 is super cheap and can settle at base layer later”

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