Spanish Tax Agency Debunks Viral Post: No Pre-Reporting of Cash Withdrawals Over €3000 Required

Information about an alleged new regulation requiring Spanish citizens to report cash withdrawals over €3000 recently went viral on social media. Spanish

A recent post circulating on social media about a new regulation requiring Spanish citizens to report cash withdrawals of over €3,000 to the tax agency has been debunked by cryptocurrency and tax experts.

The post, which has since gone viral, claimed that citizens who fail to announce these movements to the tax agency could face fines of up to €150,000. It also stated that the regulation would require citizens to report these cash withdrawals in advance.

Cryptocurrency enthusiasts quickly took to the post to comment on the advantages of digital assets and self-custody compared to fiat money and banks.

However, experts have poured cold water on the post, stating that it is completely incorrect and a result of a misunderstanding of anti-money laundering regulations.

Cris Carrascosa, CEO of ATH21 and a crypto/blockchain specialized attorney, said that the info divulged was so inaccurate, she did not know where to start correcting it.

On the issue, she declared:

I don’t know where this came from, but it’s totally incorrect. I’m the first Spanish-tax agency hater, but let’s get things straight. There is no obligation to report cash withdrawals, and there is no €150k penalty for not complying. Countries all over the world have something called AML regulations that force banks to REPORT withdrawals from their clients, and YES these do have 150k penalties.

In the same way, Jose Antonio Bravo, a Spanish tax expert, blasted the dubious details shared, noting that while he was a bitcoin fan, using fake news to promote it struck him as “profoundly stupid.” “And spreading it without checking it strikes me as an exercise in intelligence,” he concluded.