The Spanish financial authorities recently published new edits to the 720 tax model. This tax model is utilized to declare cryptocurrencies and other assets outside the country. Some punishments and fines were marked as illegal by a European court. That is why the parliament made changes and lowered the fines.
This tax model obliges taxpayers to disclose crypto and other assets located abroad. As stated in its previous version, crypto users paid 5,000 euros for providing inaccurate or fake information. The new modifications are aimed at simplifying this system and reducing fines.