Navigating cryptocurrency taxation in Spain can be complex, especially with evolving regulations and regional variations. Whether you're trading, earning, or holding digital assets, understanding how crypto is taxed under Spanish law is essential to remain compliant and optimize your tax obligations. This comprehensive guide breaks down everything you need to know about crypto taxes in Spain for 2025.
How Is Cryptocurrency Taxed in Spain?
In Spain, cryptocurrency is treated as a financial asset rather than currency, which means it's subject to several tax categories:
- Income Tax – Applies when you earn crypto through work, staking, or mining.
- Income Savings Tax (Capital Gains Tax) – Levied on profits from selling or disposing of crypto.
- Wealth Tax – May apply if your total net assets exceed €700,000.
These taxes are enforced by the Spanish Tax Agency (Agencia Tributaria), and non-compliance can lead to penalties.
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Understanding Income Savings Tax on Crypto
When you sell or trade cryptocurrency, you trigger a taxable event under the Income Savings Tax, which functions as capital gains tax. The gain or loss is calculated based on the difference between the fair market value at acquisition and disposal.
Example: Calculating Capital Gains
Rodrigo buys €1,000 worth of Bitcoin.
Later, he sells it for €1,200.
His capital gain: €200.
This €200 is taxed according to Spain’s progressive capital gains tax brackets:
- 19% on gains up to €6,000
- 21% on gains between €6,000 and €50,000
- 23% on gains between €50,000 and €200,000
- 27% on gains between €200,000 and €300,000
- 28% on gains exceeding €300,000
Since the system is progressive, only the portion of gains within each bracket is taxed at that rate.
How Does Income Tax Apply to Crypto?
Earning cryptocurrency through labor or passive activities counts as taxable income. This includes:
- Getting paid in crypto
- Staking rewards
- Mining income
- Airdrops (conservatively treated as income)
You must report income based on the fair market value in EUR at the time of receipt.
Example: Crypto Income Tax
Juan receives €2,000 in staking rewards.
He reports €2,000 as income and pays income tax according to his personal tax bracket.
Spain’s national income tax rates (before regional adjustments) are:
- Up to €12,450: 19%
- €12,451–€20,200: 24%
- €20,201–€35,200: 30%
- €35,201–€60,000: 37%
- €60,001–€300,000: 45%
- Over €300,001: 47%
Regional surcharges can push marginal rates as high as 54%, making Spain one of the highest-taxed jurisdictions for crypto earnings.
Are There Any Tax-Free Crypto Transactions?
Yes. The following actions are not considered taxable events:
- Buying crypto with fiat currency (e.g., EUR)
- Holding crypto (unless subject to wealth tax)
- Transferring crypto between wallets you own
No capital gains are realized unless there’s a disposal—such as selling, trading, or spending.
Is Cryptocurrency Subject to Wealth Tax?
Wealth tax applies if your net worldwide assets exceed €700,000, though residents get a €300,000 exemption for their primary residence.
Crypto holdings are included in your total net wealth. The tax rate varies by region:
- Catalonia: 0.21% – 3.48%
- Extremadura: 0.30% – 3.75%
- Madrid & Andalusia: No wealth tax
- Other regions: 0.22% – 3.5%
Even if your region doesn’t levy wealth tax, you must file Form 714 if your assets exceed €2 million.
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Can the Spanish Tax Agency Track My Crypto?
Yes. Since July 2021, Law 11/2021 requires crypto exchanges like Binance and Coinbase to report user data to the Agencia Tributaria.
Additionally, the upcoming DAC8 directive (2026) will mandate EU-wide reporting of crypto transactions, including personal identity and transaction values. This significantly increases transparency and reduces opportunities for tax evasion.
What Is the Crypto Tax Deadline in Spain?
The tax year runs from January 1 to December 31.
You must file by June 30 of the following year using Modelo 100 for income and capital gains.
Wealth tax declarations (Form 714) are due around the same time if applicable.
What Accounting Method Is Used?
Spain uses the FIFO (First-In, First-Out) method to calculate cost basis.
Example: FIFO in Practice
Maria buys:
- 1 BTC at €20,000
- 1 BTC at €30,000
She sells 1 BTC for €35,000.
FIFO assumes she sold the first BTC (€20,000).
Capital gain: €15,000 (taxed at applicable rate).
How Are Different Crypto Activities Taxed?
Selling Crypto
Selling crypto triggers capital gains tax based on price appreciation since acquisition.
Crypto-to-Crypto Trades
Exchanging one cryptocurrency for another is a taxable disposal. You calculate gains based on the appreciated value of the coin traded away.
Using Crypto to Pay for Goods
Spending crypto counts as a disposal and incurs capital gains tax.
Mining
Rewards are taxed as income at fair market value. Mining is considered a business activity—miners must register under code 832.9 and may deduct expenses. No VAT applies.
Staking
Staking rewards are taxed as interest income, typically at 19–26%. If operated at scale (business level), they may be taxed as ordinary income.
Airdrops
No official guidance exists. Best practice: treat as income upon receipt. Future disposal triggers capital gains.
NFTs
NFTs follow similar rules:
- Buying with fiat: no tax
- Buying with crypto: taxable disposal of crypto
- Selling NFT: capital gains tax
- Creating/selling NFTs: taxed as financial income (19–26%)
DeFi
No specific guidance yet. General principles apply:
- Earnings = taxable income
- Swaps/trades = capital gains
- Liquidity mining rewards likely taxed as interest
Can Crypto Losses Reduce My Taxes?
Yes. Capital losses can fully offset capital gains in the same year. Unused losses can be carried forward for up to 4 years.
After that period, you may offset 25% of other investment income (e.g., dividends, interest).
What Records Should I Keep?
Maintain detailed records for at least five years, including:
- Type of cryptocurrency
- Date of acquisition and disposal
- Fair market value in EUR at both times
- Wallet addresses involved
- Transaction purpose
Even wallet-to-wallet transfers should be documented.
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How Do I Report Crypto Taxes?
Use:
- Modelo 100 – For income and capital gains
- Form 714 – If net wealth exceeds €700,000
Submit via Renta Web, Spain’s online tax portal.
Frequently Asked Questions (FAQ)
Q: Do I pay tax when I buy crypto with euros?
A: No. Purchasing cryptocurrency with fiat currency is not a taxable event in Spain.
Q: Is staking taxed differently than mining?
A: Yes. Staking rewards are typically taxed as interest (19–26%), while mining income is taxed as regular income and considered a business activity.
Q: Are NFTs taxed like crypto?
A: Yes. NFT transactions follow similar rules—sales trigger capital gains, and using crypto to buy NFTs is a taxable disposal.
Q: What happens if I don’t report my crypto?
A: The Agencia Tributaria can impose fines up to 150% of unpaid taxes, plus interest. With DAC8 and exchange reporting, non-compliance is increasingly risky.
Q: Can I use tax-loss harvesting?
A: Yes. You can use capital losses to offset gains and carry them forward for up to four years.
Q: Does holding crypto trigger taxes?
A: Only if you exceed the wealth tax threshold (€700,000 net assets). Simply holding is not a taxable disposal.
By staying informed and organized, Spanish crypto holders can meet their obligations efficiently and avoid penalties. As regulations evolve—especially with DAC8 in 2026—proactive compliance is more important than ever.