Spain is planning to make cryptocurrency investors to inform about holdings and transactions inside the country and abroad to control violations of tax law, Bloomberg reports.

The government offered new legislation in regards to digital money. It will involve all payers of Spanish taxes. Besides, the whole range of measures was proposed aimed to prevent fraud as well as forbidding amnesty for tax law violators and use of software by business that allows hiding some transactions.

The government also would like to make cryprocurrencies’ holders apply so-called disclosure form 720. This mechanism imposes 5000 euro fine on any incomplete or incorrect disclosure of information.