In its Binding Ruling V1003-25 (12 June 2025), Spain’s General Directorate of Taxes (DGT) has clarified the VAT treatment of utility tokens, confirming that VAT only applies when the token is redeemed for a specific good or service — not when issued or traded. This interpretation aligns Spanish practice with EU Directive 2016/1065 and provides much-needed clarity for Web3 and digital-asset projects operating under the EU VAT framework.