- Understanding Crypto Tax Obligations in Spain
- Taxable Crypto Events Under Spanish Law
- Step-by-Step Reporting Process
- 1. Calculate Your Gains/Losses
- 2. Complete Modelo 100 for Income Tax
- 3. File Modelo 720 for Foreign Holdings
- Tax Rates and Deadlines
- Essential Record-Keeping Practices
- FAQ: Crypto Taxes in Spain
- Do I pay tax if I hold crypto without selling?
- How are NFT transactions taxed?
- What if I use crypto for purchases under €300?
- Can I deduct crypto losses?
- Are there penalties for late reporting?
- Do decentralized exchanges (DEX) need reporting?
- Final Compliance Tips
Understanding Crypto Tax Obligations in Spain
As cryptocurrency adoption grows in Spain, the Agencia Tributaria (Tax Agency) has tightened regulations for reporting digital asset income. Whether you’re trading Bitcoin, earning staking rewards, or receiving crypto payments, failing to properly declare these activities can result in severe penalties. This guide breaks down Spain’s crypto tax framework, helping you navigate compliance confidently.
Taxable Crypto Events Under Spanish Law
You must report these cryptocurrency activities to Hacienda:
- Selling crypto for fiat currency (e.g., converting BTC to EUR)
- Trading between cryptocurrencies (e.g., swapping ETH for SOL)
- Spending crypto on goods/services (treated as disposal at market value)
- Earning staking rewards, mining income, or airdrops
- Receiving crypto as salary or payment
- Realizing gains from DeFi activities (liquidity mining, yield farming)
Step-by-Step Reporting Process
1. Calculate Your Gains/Losses
Use this formula for each transaction: Gain = Sale Price – (Purchase Cost + Associated Fees). Track acquisition dates and values meticulously—Hacienda requires FIFO (First-In-First-Out) accounting method.
2. Complete Modelo 100 for Income Tax
Report annual gains/losses in Box 1906 (Capital Gains from Movable Assets) when filing your annual income tax return (Declaración de la Renta). Losses offset gains within the same tax year.
3. File Modelo 720 for Foreign Holdings
If your combined crypto balances on non-Spanish exchanges exceed €50,000, submit Form 720 by March 31st. This includes wallets and DeFi protocols.
Tax Rates and Deadlines
- Capital Gains Tax: Progressive rates from 19% (first €6,000) to 26% (over €50,000)
- Income Tax: Staking/mining rewards taxed as ordinary income (19%-47%)
- Deadline: File Modelo 100 between April-June annually for prior year’s income
Essential Record-Keeping Practices
Maintain these documents for 4 years:
- Transaction histories from all exchanges
- Wallet addresses and transfer proofs
- Receipts for hardware wallets
- Calculations for cost basis and gains
- Proof of foreign asset declarations
FAQ: Crypto Taxes in Spain
Do I pay tax if I hold crypto without selling?
No. Simply holding cryptocurrency isn’t taxable. Taxes apply only upon disposal or earning events.
How are NFT transactions taxed?
NFT sales follow standard capital gains rules. Profits from artistic NFTs may qualify for reduced 15% tax under intellectual property laws.
What if I use crypto for purchases under €300?
Small personal transactions are exempt if the total annual spending doesn’t exceed €3,000. Business transactions remain fully taxable.
Can I deduct crypto losses?
Yes. Capital losses offset gains in the same year. Unused losses carry forward four years.
Are there penalties for late reporting?
Fines range from €100-€600 for Modelo 100 errors, and up to 150% of owed tax for Modelo 720 omissions. Criminal charges apply for evasion over €120,000.
Do decentralized exchanges (DEX) need reporting?
Yes. All transactions—even peer-to-peer or via DEXs—require declaration. Use blockchain explorers to reconstruct activity.
Final Compliance Tips
With Spain implementing DAC8 crypto reporting rules in 2026, transparency is paramount. Use tax software like Koinly or consult a gestor specializing in crypto. Remember: Proper documentation transforms complex reporting into manageable compliance. Start organizing your records today to avoid April surprises.
