Complete guide to cryptocurrency taxation in Spain for 2025
Do you own cryptocurrencies? In Spain, the Tax Agency has intensified its scrutiny of cryptocurrency transactions. Understanding how they are taxed and complying with regulations is essential to avoid penalties. At Resitax, expert tax advisors specializing in cryptocurrencies, we explain everything you need to know to manage your taxes correctly.
Taxes Applicable to Cryptocurrencies in Spain
Personal Income Tax (IRPF):
- Capital gains and losses: Buying, selling, or exchanging cryptocurrencies generates capital gains or losses that must be included in your tax return. The gain or loss is calculated as the difference between the transfer value and the acquisition value of the cryptocurrency. These gains are taxed as part of the savings income tax base at a rate of 19% to 30%.
- Cryptocurrency mining: Income from cryptocurrency mining is declared under the section for Income from Economic Activities…. Expenses necessary for cryptocurrency discovery, such as electricity, are tax-deductible.
- Staking: Cryptocurrencies obtained through staking are classified as investment income.
- Cryptocurrency exchange: Exchanging between different cryptocurrencies also generates a capital gain or loss.
- Use as a means of payment: When using cryptocurrencies to buy goods or services, a capital gain or loss is generated, calculated by the difference between the acquisition value and the value of the cryptocurrency at the time of payment.
- Commissions: Commissions paid on the purchase and sale of cryptocurrencies are included in the calculation of capital gains ….
Wealth Tax (IP):
Cryptocurrencies must be declared in the Wealth Tax along with the rest of the assets and rights….
They are valued at market price as of December 31 of each year….
If the total value of the assets exceeds the exempt limit established by each Autonomous Community , the value of the cryptocurrencies must be declared .
Corporate Income Tax (CIT):
Companies that carry out activities with cryptocurrencies, such as intermediation or buying and selling, will be taxed under the Corporate Income Tax.
Profits obtained from the purchase, sale, or mining of cryptocurrencies are included in the taxable base of the tax.
Value Added Tax (VAT):
Cryptocurrency mining operations are considered not subject to VAT , as there is no end customer in this activity.
The purchase and sale of cryptocurrencies by business owners or professionals is subject to and exempt from VAT.
The acquisition of goods or services in exchange for cryptocurrencies is considered a transaction subject to and exempt from VAT.
Reporting Obligations: Form 720 and Other Declarations
Model 720:
Taxpayers must report virtual currencies located abroad on form 720 if the value exceeds 50,000 euros.
This obligation includes cryptocurrencies held in custody by entities that offer private cryptographic key safeguarding services.
Other important considerations for the taxation of cryptocurrencies:
- Intermediaries: Intermediaries and cryptocurrency exchanges must register and report suspicious transactions .
- Fines: There are fines of up to 5,000 euros for each piece of undeclared or incorrectly declared information about cryptocurrencies, with a minimum of 10,000 euros.
- Income tax return: If your total income (including cryptocurrency earnings) exceeds €1,000, you are required to file an income tax return. The 2024 tax return includes a specific field for declaring cryptocurrency income.
- Double Taxation Agreements: Foreign profits from the sale of cryptocurrencies by Spanish residents will not be taxed at source.
- Economic activities: If a company's main activity is the buying and selling of cryptocurrencies, these will be considered stocks.
- Risks: Warnings are issued about the risks of cryptocurrency volatility and the possibility of fraud.
In summary, the ownership, purchase, sale, exchange, and use of cryptocurrencies are subject to taxation in Spain, with various reporting obligations and potential penalties for non-compliance. It is important to consider the market value of cryptocurrencies and the potential capital gains or losses generated by each transaction.
