Frequently asked questions about Form 721 (HTML)
Skip information indexWhat is meant by "virtual currency"?
Virtual currency is understood to be a digital representation of value that is not issued or guaranteed by a central bank or public authority, not necessarily associated with a legally established currency and that does not have the legal status of currency or money, but that is accepted as a means of exchange and can be transferred, stored or negotiated electronically.
No. In Form 721, “Informative declaration on virtual currencies located abroad”, only information on virtual currencies located abroad must be provided, according to the definition of “virtual currency” indicated above.
All of this without prejudice to the obligation that may exist under article 42 bis of the RGAT to report in form 720 on the instrumental account located abroad in which said funds are deposited in fiduciary currency. Indeed, as long as none of the assumptions provided for in article 42 bis.4 of the RGAT occur, information must be provided on the account in euros or other legal tender fiduciary currency that is maintained with the foreign exchange with which it operates when the joint calculation of any of the balances referred to in section 2. d) Article 42 bis of the RGAT exceeds 50,000 euros for all accounts located abroad.