As cryptocurrency adoption continues to grow across Europe, Spain has emerged as a forward-thinking jurisdiction that balances innovation with regulatory clarity. With an increasing number of individuals engaging in crypto trading, mining, staking, and decentralized finance (DeFi), understanding crypto taxation in Spain is essential for legal compliance and financial planning.
The Spanish tax authority, Agencia Tributaria (AEAT), oversees all digital asset taxation and enforces strict reporting requirements in alignment with European Union directives like DAC8. While Spain maintains a relatively crypto-friendly environment, failure to comply with tax obligations can result in severe penalties—including fines up to 150% of unpaid taxes or even criminal charges.
This comprehensive guide breaks down how cryptocurrencies are taxed in Spain, covering capital gains, income tax, reporting duties, deductions, and future regulatory developments.
How Cryptocurrencies Are Classified in Spain
In Spain, cryptocurrencies are legally recognized as digital assets, not as legal tender. This classification places them in the same category as stocks or property for tax purposes. As such, most crypto transactions trigger capital gains or income tax liabilities depending on the nature of the activity.
The AEAT applies the First In, First Out (FIFO) method when calculating capital gains, meaning the earliest acquired assets are considered the first sold. Additionally, Spain adheres to EU-wide transparency initiatives such as DAC8, which mandates crypto exchanges to report user transaction data to tax authorities.
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Types of Crypto Taxes in Spain
Capital Gains Tax (CGT)
When you sell cryptocurrency for fiat currency or use it to make purchases, any profit is subject to Capital Gains Tax. The tax rate is progressive and depends on the amount of gain realized in a given year:
- 19% on gains up to €6,000
- 21% on gains from €6,001 to €50,000
- 23% on gains from €50,001 to €200,000
- 27% on gains from €200,001 to €300,000
- 28% on gains exceeding €300,000
These rates apply regardless of whether the transaction occurs on a domestic or foreign exchange platform.
Income Tax
Certain crypto activities generate taxable income rather than capital gains. These include:
- Mining rewards – Treated as professional income (up to 47%) and require registration as an autónomo (self-employed individual).
- Staking rewards – Generally taxed under capital gains rules (19%–28%), though some interpretations classify them as investment income.
- Airdrops and forks – Considered miscellaneous income and subject to personal income tax.
- Crypto salaries – Fully taxable as employment income at standard progressive rates.
Value Added Tax (VAT)
Under EU guidelines adopted by Spain, cryptocurrency transactions used as payment are exempt from VAT. This applies when paying for goods or services using digital assets.
Wealth Tax and Inheritance
Spain imposes a wealth tax on individuals whose net worth exceeds €700,000. Rates vary by region—for example:
- Catalonia: 0.21% to 3.48%
- Madrid: Offers full exemptions if total assets are below €2 million; however, reporting is still required above that threshold
Additionally, gifts or inheritances of crypto assets are subject to regional inheritance tax rules based on the relationship between parties and local regulations.
Tax Treatment of Common Crypto Transactions
Understanding how specific actions are taxed helps avoid unexpected liabilities.
- Buying crypto with fiat: No tax event.
- Selling crypto for fiat or using it to pay: Triggers capital gains tax.
- Crypto-to-crypto trades: Generally not taxable unless fiat is indirectly involved or deemed a disposal.
- NFT sales: Subject to capital gains tax when converted into fiat.
- Lending and yield farming: Lacks clear guidance but likely treated similarly to staking or interest income.
- Wallet-to-wallet transfers: Not taxable unless part of foreign asset reporting obligations.
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Reporting Requirements & Compliance
Spanish taxpayers must file annual declarations related to their crypto holdings and income.
Key Tax Forms
- Modelo 100 (Form 100): Annual personal income tax return due by June 30. Must include all capital gains and crypto-related income.
- Modelo 721 (Form 721): Required if you hold foreign crypto assets valued at over €50,000 as of January 1. Deadline: January 1 to March 31.
- Modelo 714 (Form 714): Filed by individuals with net wealth above €700,000, applicable for wealth tax purposes.
Recordkeeping Obligations
Taxpayers must maintain detailed records for at least five years, including:
- Transaction dates
- Amounts in EUR at time of transaction
- Wallet addresses
- Counterparty information
- Purpose of transaction
Failure to keep accurate records or submit required forms can lead to audits, substantial fines, or criminal prosecution—especially if undeclared amounts exceed €120,000.
Deductions and Exemptions
While crypto taxation is broad, there are opportunities to reduce liability:
- Crypto miners registered as autónomo may deduct business expenses such as electricity, hardware depreciation, and internet costs.
- Capital losses can offset capital gains and be carried forward for up to four years.
- Individuals earning less than €1,000 in crypto income may be exempt from filing—but this does not exempt them from declaring foreign holdings over €50,000 via Form 721.
- Simple transfers between personal wallets or holding crypto do not trigger taxes unless tied to wealth or foreign asset reporting.
Enforcement and Penalties
Spain has significantly strengthened its enforcement mechanisms through:
- DAC8 compliance: Requires centralized exchanges like Binance and Coinbase operating in Spain to share user data with AEAT.
- KYC integration: Enables authorities to link identities to blockchain addresses.
- Blockchain analytics: Used to monitor public ledgers for unreported transactions.
Penalties for non-compliance include:
- Fines up to 150% of unpaid taxes
- Criminal charges for tax evasion exceeding €120,000, potentially leading to 1–2 years in prison
Regular audits and improved anti-fraud laws—such as mandatory Form 721 submissions—have made evasion increasingly difficult.
The Future of Crypto Taxation in Spain
With the EU preparing to implement the Markets in Crypto-Assets (MiCA) regulation by late 2025, Spain is expected to refine its approach to emerging areas like DeFi protocols, NFTs, and decentralized autonomous organizations (DAOs).
Regulatory clarity will likely increase alongside enforcement rigor. The goal is greater transparency without stifling innovation—positioning Spain as a leader in responsible digital asset adoption within Europe.
Investors should stay informed about evolving rules and consider consulting tax professionals familiar with both national and EU-level frameworks.
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Frequently Asked Questions (FAQs)
What is the capital gains tax rate on cryptocurrency in Spain?
Capital gains from crypto sales are taxed progressively: starting at 19% for gains up to €6,000 and rising to 28% for gains over €300,000.
Do I need to report my crypto holdings in Spain?
Yes. If your foreign crypto holdings exceed €50,000 as of January 1, you must file Form 721 between January 1 and March 31 each year.
Are staking rewards taxable in Spain?
Yes. Staking rewards are generally treated as investment income and subject to capital gains tax rates ranging from 19% to 28%.
Is mining cryptocurrency legal and taxable?
Yes. Mining is legal but considered professional activity. Rewards are taxed as income at rates up to 47%, and miners must register as self-employed (autónomo).
Can I deduct losses from crypto trading?
Yes. Capital losses can offset capital gains in the same year and be carried forward for up to four years.
Are NFTs taxed in Spain?
Yes. Selling NFTs for fiat triggers capital gains tax under the same rules applied to other digital assets.
Staying compliant with Spain’s evolving crypto tax framework requires diligence, accurate recordkeeping, and timely reporting. With rising enforcement and integration into EU-wide systems like DAC8 and MiCA, now is the time to ensure your digital asset activities align with current laws. Whether you're a trader, miner, or long-term holder, being proactive protects your financial future in Spain’s dynamic crypto landscape.