🗓 Weekly Digest: Spaniards to Declare Crypto Assets, 15% Tax on Crypto Income in Brazil, Crypto Gift to the President of Colombia, and More

✅ Residents of Spain must declare crypto assets held on foreign platforms

Individuals whose cryptocurrency balance exceeds 50,000 euros equivalent are required to do so. The filing period for the new Form 721 will begin on January 1 and end on April 1, 2024. Taxpaying individuals and entities must declare the amount of funds held in their foreign cryptocurrency accounts as of December 31, 2023.

Those holding assets in non-custodial wallets must report them using the standard Form 714 for wealth tax.

✅ Brazil is preparing to introduce a tax on cryptocurrency income

The Federal Council of Brazil has approved a previously submitted bill for a 15% tax on capital gains from crypto assets on offshore exchanges. The new rules were earlier approved by the Chamber of Deputies. Thus, the bill has received the support of the National Congress, and now it awaits the signature of President Luis Inácio Lula da Silva.

The new tax rules will affect citizens receiving income from currency operations and from single-shareholder investment funds exceeding $1,200. Earnings between 6,000 reals ($1,200) and 50,000 reals ($10,000) are subject to a 15% tax. If the amount exceeds the upper threshold, the tax rate increases to 22.5%.

✅ President Gustavo Petro of Colombia receives a gift of satoshis

President Gustavo Petro of Colombia has become the owner of satoshis, receiving a gift of 100,000 coins worth around $38.3. The gift was presented to the Colombian leader by the CEO of JAN3, Samson Mow, who declared that Gustavo Petro is now officially a "bitcoin hodler."

The country's president noted that blockchain technology holds promise for the citizens of Colombia. He intends to form targeted groups in government agencies and non-profit organizations to study the economic benefits of cryptocurrencies.

✅ The number of Canadians owning cryptocurrencies has decreased to 10% in a year

The number of cryptocurrency owners in Canada has decreased from 13% in 2022 to 10% in 2023, according to survey results published by the Ontario Securities Commission.

The document states that 2,360 Canadians participated in the study, with 77% regretting their cryptocurrency investments.

34% of respondents believe that cryptocurrencies will play a "key role in the economy in the future," compared to 49% in 2022.

Also, 39% of respondents claimed to profit from cryptocurrency investments, a 7% decrease from the previous year. Additionally, the value of crypto portfolios increased from $52,975 to $82,998 over the year.