Spain's Modelo 721 Hinges on Key Control, Not Portfolio Size
- —The €50,000 threshold applies to foreign-custodied crypto, not every wallet
- —Crypto under the holder's own private keys is excluded from Modelo 721 balances
- —A further filing is generally required when the balance rises by more than €20,000
- —Ruling V5066-26: crypto bought and fully sold within the year may not need reporting
Why it matters: The guidance reduces uncertainty for Spanish crypto holders and could cut the number of mandatory filings.
Source: Crypto News Flash