Navigating cryptocurrency taxation in Spain requires a clear understanding of how digital assets are treated under current tax law. Whether you're trading, earning, or holding crypto, every action may carry tax implications. This comprehensive guide breaks down the rules for 2025, helping you stay compliant while optimizing your tax position.
Understanding Cryptocurrency Taxation in Spain
Yes, cryptocurrency is taxed in Spain. Every sale, swap, or use of crypto to pay for goods and services constitutes a taxable event. Additionally, crypto received through salary, staking, mining, or airdrops is subject to taxation on the day you gain control over it. The Spanish Tax Agency (Agencia Tributaria) actively monitors digital asset activity using data from exchanges and blockchain analytics.
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How Much Is Cryptocurrency Taxed in Spain?
Spain taxes crypto gains under two main categories: savings income (capital gains) and general income, each with its own progressive tax brackets.
Savings Income (Capital Gains) – 2025 Rates
- Up to €6,000: 19%
- €6,001 – €50,000: 21%
- €50,001 – €200,000: 23%
- €200,001 – €300,000: 27%
- Over €300,000: 28%
Net capital gains from selling or swapping cryptocurrencies are reported as savings income and taxed accordingly.
General Income (Mining, Staking, Salary)
This includes income from mining, staking rewards, DeFi yields, and crypto salaries. Tax rates are progressive and combine state and regional levels, ranging from 24% to 47%, depending on your total income and region of residence.
Tax Treatment of Different Crypto Transactions
Buying and Holding Crypto
Purchasing cryptocurrency with fiat currency (e.g., euros) or transferring coins between your own wallets is not a taxable event. These actions do not trigger capital gains or income tax.
Selling Cryptocurrency
Selling Bitcoin (BTC), Cardano (ADA), or any other token for euros triggers a capital gain or loss. Spain uses the FIFO (First In, First Out) method—known locally as PEPS (Primero en Entrar, Primero en Salir)—to determine which units were sold.
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Mining and Staking Rewards
Rewards from mining or staking are considered general income at their market value on the day they are received. Later selling these tokens creates a separate capital gains event based on the difference between sale price and acquisition cost.
Crypto-to-Crypto Trades
Swapping one cryptocurrency for another counts as a disposal. You must calculate the euro value of the coin you give up at the time of exchange and report any gain or loss as savings income.
Receiving Crypto as Payment
If you're paid in crypto for freelance work or employment, it's treated as professional or employment income and subject to standard income tax and PAYE withholding rules.
Capital Gains and Losses on Crypto
All net crypto gains must be reported under Box 0300 of Modelo 100, Spain’s personal income tax return. Losses can offset gains in the same year. Any unused losses can be carried forward for up to four years, but only against future savings income—not general income.
Business-related losses (e.g., from professional mining) may offset general income under standard business deduction rules.
Special Cases: Airdrops and DeFi
Crypto Airdrops
- Unconditional airdrops: Not taxed upon receipt. Taxable when sold, with a zero cost basis, meaning the full sale amount is treated as gain.
- Promotional or work-related airdrops: Treated as general income at fair market value on receipt.
Decentralized Finance (DeFi)
- Interest earned from lending or yield farming is taxed as general income when received.
- Depositing tokens into liquidity pools is typically seen as a taxable swap.
- Withdrawing liquidity may trigger capital gains or losses based on changes in the value of LP tokens.
Corporate Tax for Crypto Businesses
Crypto businesses in Spain face a standard corporate tax rate of 25% on realized gains. However, qualifying startups under the Ley de Startups benefit from a reduced rate of 15% for their first two profitable years.
Companies must maintain consistent accounting practices, including applying a uniform cost-basis method (e.g., FIFO) across all inventory valuations.
Regulatory Compliance and Reporting Requirements
Spain enforces strict reporting rules for residents holding crypto abroad:
- Modelo 721: Must be filed by March 31st if the total value of foreign-held crypto (on exchanges or in wallets) exceeded €50,000 at any point during the previous year.
- Modelo 720 no longer applies to crypto—use Modelo 721 instead.
- Domestic exchanges are required to register with the Bank of Spain for anti-money laundering (AML) compliance.
Tax-Free Crypto Transactions
Not all crypto activities trigger taxes. The following are non-taxable events:
- Buying crypto with fiat currency
- Transferring coins between your own wallets
- Gifting crypto below regional donation-tax thresholds
- Inheriting crypto within regional allowances
Wealth Tax on Cryptocurrencies
Spain imposes a national wealth tax on net assets exceeding €700,000 after deductions. Rates range from 0.2% to 3.5%, but regional variations exist:
- Madrid and Andalusia: Offer a 100% rebate—effectively exempting residents.
- Valencia: Top rate reaches 3.75%.
Residents must include crypto holdings in their net asset calculations if thresholds are met.
Record-Keeping and Filing Deadlines
Required Records
Keep detailed records for at least four years:
- Transaction histories (CSVs from exchanges)
- Wallet statements
- Dates and euro values of all trades
- Fees paid
- Staking and DeFi yield logs
- Modelo 721 confirmations
Key Deadlines
- June 30: File and pay personal income tax via Modelo 100 (e.g., June 30, 2026 for 2025 taxes).
- March 31: Submit Modelo 721 if foreign crypto holdings exceeded €50,000 during the year.
How to Report Crypto Taxes in Spain
Follow these steps:
- Log into Renta Web (AEAT’s online portal).
- Open Modelo 100 and go to the savings-income section.
- Enter total crypto gains/losses in Box 0300.
- Report mining/staking income in Box 0072.
- Attach Modelo 721 if applicable.
- Review and submit before June 30.
Frequently Asked Questions (FAQs)
Can the Agencia Tributaria track my cryptocurrency?
Yes. The Spanish Tax Agency receives data from domestic exchanges, EU DAC7 reports, and blockchain analysis tools. Anonymous transactions are increasingly difficult to hide.
What is the deadline for reporting crypto taxes in Spain?
The deadline for filing personal income tax (including crypto gains) is June 30 of the following year. For foreign asset reporting (Modelo 721), the deadline is March 31.
What accounting method is used for crypto tax in Spain?
Spain uses the FIFO (PEPS) method—First In, First Out—to determine which units were sold when calculating capital gains.
How is transferring crypto between different wallets taxed?
Transfers between your own wallets are not taxable as long as no third party is involved and there's no disposal.
Do I need to report crypto held in foreign exchanges?
Yes. If your total foreign-held crypto exceeds €50,000 at any point during the year, you must file Modelo 721 by March 31.
Are NFT sales and purchases taxable?
Yes. Selling an NFT for profit triggers capital gains tax. Buying an NFT with crypto is treated as a disposal of the paying currency and may result in a taxable gain.
Do I need to pay taxes on crypto gifts or donations?
Gifts below regional thresholds are typically not taxed for the giver or recipient. Donations to approved charities may qualify for tax deductions—up to 80% on the first €150 and 35% beyond that.
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Final Thoughts
Crypto taxation in Spain is comprehensive and actively enforced. From capital gains and income tax to wealth and reporting obligations, understanding your responsibilities helps avoid penalties and optimize liabilities. With proper record-keeping and timely filings, you can navigate the system confidently—whether you're an individual investor or a growing crypto business.
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