Publication: La importante diferenciación entre criptomonedas y
criptoactivos y su incidencia en las obligaciones
informativas: un análisis detallado.
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Date
Authors
Miras Marín, Norberto
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Publisher
Aranzadi
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info:eu-repo/semantics/article
Description
© 2024 Aranzadi. Once the embargo has passed, this document will be available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
This document is the Published Manuscript version of a Published Work that appeared in final form in Civitas. Revista Española de Derecho Financiero.
Abstract
Este artículo examina como el resurgimiento de la inversión en criptoactivos
propiciado por la introducción de fondos cotizados en bolsa (ETFs) de tipo “spot”
para la compra directa de estos activos han hecho necesarias nuevas obligaciones
de suministro de información. Sin embargo, critica que la legislación española, al
limitar estas obligaciones exclusivamente a las criptomonedas y excluir otros tipos
de criptoactivos o tokens de inversión, se muestra desfasada y restrictiva. El artículo
destaca que, desde perspectivas técnica, económica y de armonización con la
legislación de la Unión Europea (específicamente la Directiva 2011/16/UE (DAC8),
que se aplica a los criptoactivos en general), es imprescindible una extensión del
ámbito objetivo de estas obligaciones de suministro de información. Se anticipa que,
para lograr una coherencia con el marco regulatorio europeo y reflejar
adecuadamente la diversidad y la naturaleza de los activos digitales, el legislador
español eventualmente actualizará su legislación para abarcar una gama más
amplia de criptoactivos, más allá de las meras monedas virtuales. Para llegar a esta
conclusión, a lo largo del estudio, se realiza un análisis exhaustivo de las
criptomonedas y otros criptoactivos. Además, se examinan las recientes reformas
en la DAC8 y cómo estas se integran dentro del marco regulatorio existente,
incluyendo el Estándar Común de Información Tributaria (CRS), el Marco de
Intercambio Automático de Información para Criptoactivos y Dinero Electrónico
(CARF) y la Foreign Account Tax Compliance Act (FATCA). Y, por último, se
discuten, las implicaciones de estas obligaciones en la legislación española. ------------------------
«This paper examines how the resurgence of investment in crypto assets, prompted by the introduction of exchange-traded funds (ETFs) for the direct purchase of these assets, has necessitated new information supply obligations. However, it criticizes that Spanish legislation, by limiting these obligations exclusively to cryptocurrencies and excluding other types of crypto assets or investment tokens, appears outdated and restrictive. The article highlights that, from technical, economic, and harmonization perspectives with European Union legislation (specifically Directive 2011/16/EU (DAC8), which applies to crypto assets Documento 1 in general), an extension of the scope of these information supply obligations is essential. It is anticipated that, to achieve coherence with the European regulatory framework and accurately reflect the diversity and nature of digital assets, the Spanish legislator will eventually update its legislation to cover a broader range of crypto assets, beyond mere virtual currencies. To reach this conclusion, the study conducts a comprehensive analysis of cryptocurrencies and other crypto assets. Moreover, it examines the recent reforms in DAC8 and how these are integrated within the existing regulatory framework, including the Common Reporting Standard (CRS), the Automatic Exchange of Information Framework for Crypto Assets and Electronic Money (CARF), and the Foreign Account Tax Compliance Act (FATCA). Lastly, the implications of these obligations in Spanish legislation are discussed
«This paper examines how the resurgence of investment in crypto assets, prompted by the introduction of exchange-traded funds (ETFs) for the direct purchase of these assets, has necessitated new information supply obligations. However, it criticizes that Spanish legislation, by limiting these obligations exclusively to cryptocurrencies and excluding other types of crypto assets or investment tokens, appears outdated and restrictive. The article highlights that, from technical, economic, and harmonization perspectives with European Union legislation (specifically Directive 2011/16/EU (DAC8), which applies to crypto assets Documento 1 in general), an extension of the scope of these information supply obligations is essential. It is anticipated that, to achieve coherence with the European regulatory framework and accurately reflect the diversity and nature of digital assets, the Spanish legislator will eventually update its legislation to cover a broader range of crypto assets, beyond mere virtual currencies. To reach this conclusion, the study conducts a comprehensive analysis of cryptocurrencies and other crypto assets. Moreover, it examines the recent reforms in DAC8 and how these are integrated within the existing regulatory framework, including the Common Reporting Standard (CRS), the Automatic Exchange of Information Framework for Crypto Assets and Electronic Money (CARF), and the Foreign Account Tax Compliance Act (FATCA). Lastly, the implications of these obligations in Spanish legislation are discussed
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Citation
Civitas. Revista Española de Derecho Financiero, 2024, N. 202, pp. 115-166
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