{"id":38515,"date":"2023-07-21T02:40:51","date_gmt":"2023-07-21T06:40:51","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/70-of-spanish-crypto-traders-declare-losses\/"},"modified":"2023-07-21T02:40:54","modified_gmt":"2023-07-21T06:40:54","slug":"70-of-spanish-crypto-traders-declare-losses","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38515","title":{"rendered":"70% of Spanish Crypto Traders Declare Losses"},"content":{"rendered":"
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Over 70% of Spanish crypto traders declared losses in the financial year 2022, a new report has found.<\/p>\n

Per the media outlet Europa Press, the claims were made by TaxCripto, an accountancy firm that specializes in preparing tax returns for crypto holders.<\/p>\n

The declared losses were significantly higher in the case of those investing in crypto derivatives and futures: 91% of this group posted losses.<\/p>\n

Crypto tax declarations have become mandatory in Spain, although the tax body has experienced difficulties with implementing its taxation plans in the past.<\/p>\n

The body has previously sent suspected crypto traders written warnings that they must declare their crypto earnings \u2013 or face heavy fines.<\/p>\n

TaxCripto said it had conducted the research using data from its own customers.<\/p>\n

And it stated that a \u201csharp fall\u201d in crypto prices in 2022 \u201ccaused many crypto investors\u201d to declare income losses for 2022.<\/p>\n

This could indicate a quirk in the tax reporting system, however, as those declaring losses may not have to pay taxes on their holdings.<\/p>\n

As such, the firm said that \u201cmany investors chose to materialize their losses before the end of the year with the goal of reducing their tax bills.\u201d<\/p>\n

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Spanish Crypto Traders Tax Returns: What Can We Learn?<\/h2>\n

There were further insights in the TaxCripto study, which also found that a whopping 85% of crypto transactions declared on tax returns were made n the Binance trading platform.<\/p>\n

By contrast, just 10% were carried out on Coinbase, with under 2% of transactions carried out on the Spanish Bit2ME platform.<\/p>\n

And Bitcoin (BTC) advocates may be surprised to learn that only 10% of transactions were made using BTC.<\/p>\n

Binance Coin (BNB) took first place, with 18% of the total declared transactions, followed by USDT with 11%.<\/p>\n

By transaction type, the most popular type of (declared) trade in Spain was staking (46%), followed closely by crypto-to-crypto trades (39%).<\/p>\n

Crypto adoption appears to be on the rise in Spain, where a survey last year found that crypto awareness among the general public had risen to 76%.<\/p>\n<\/p><\/div>\n