Crypto in Spain: How Your Operations Are Taxed by the Spanish Tax Agency
- Business Expats
- Sep 26
- 5 min read
The crypto asset market has evolved at a dizzying pace. Today, both individuals and companies use cryptocurrencies not only as an investment vehicle but also as a tool for financial operations, treasury management, asset diversification, and technological innovation. However, this expansion has also attracted the attention of the tax regulator. In Spain, the Tax Agency has made it clear that activity involving crypto assets does not fall outside the tax system, and its tax treatment depends on the type of transaction carried out.
In this article, we explain —clearly and professionally— how the main crypto transactions are taxed according to the most recent doctrine of the Directorate General for Taxes (binding ruling V0648-24, April 11, 2024) and what you should keep in mind whether you are an individual investor or a company.
What is a Crypto Asset?
Regulation (EU) 2023/1114 (MiCA), in force since 2023, defines a crypto asset as “a digital representation of a value or a right that may be transferred and stored electronically, using distributed ledger technology or similar.”
Meanwhile, Spain’s Anti-Money Laundering Law 10/2010 adds that a virtual currency is “a digital representation of value not issued by a central bank, not necessarily linked to legal tender, accepted as a means of exchange and transferable electronically.”
From a tax standpoint, the Spanish Tax Agency considers cryptocurrencies to be intangible assets. Therefore, their transactions are subject to the general rules of Personal Income Tax (IRPF) —or Corporate Income Tax (IS) when carried out by companies— depending on the nature of the transaction.
Buying and Selling Cryptocurrencies
When you buy and sell cryptocurrencies outside of an economic activity, the difference between the acquisition price and the sale price generates a capital gain or loss, as set out in Article 33.1 of the IRPF.
The acquisition value includes the purchase price plus commissions and related costs.
The transfer value is the sale price minus commissions and selling costs.
Example: If you buy 1 BTC for €20,000 plus €100 in fees and later sell it for €30,000 paying €150 in fees, your capital gain will be €9,750. This gain is included in the savings base and taxed at progressive rates between 19% and 28%.
In addition, exchanging one cryptocurrency for another (e.g., BTC for ETH) is also taxable as a capital gain or loss, since the Tax Agency considers it a barter transaction.
DeFi Operations
When you deposit crypto assets into DeFi platforms —for example, to provide liquidity in a pool or to receive LP tokens— the profits obtained are not considered capital gains but investment income.
In other words, it is treated as lending capital to a third party in exchange for interest. Under Article 25.2 of the IRPF, these returns are taxed in the savings base at 19%–28%.
Example: If you deposit 5 ETH in a liquidity pool and receive 0.2 ETH as yield, the market value of that 0.2 ETH on the date of receipt must be declared as investment income.
Staking and Rewards
Staking operates similarly to a deposit. By locking your cryptocurrencies to validate blocks or delegating them to a validator, you are effectively lending capital to a third party. As such, the rewards you obtain are also classified as investment income.
These rewards are valued at market price in euros on the date of receipt and taxed in the savings base.
Example: If you stake 10,000 ADA and receive 300 ADA as rewards when each ADA is worth €0.40, you must declare €120 as investment income.
Validator fees are not deductible as expenses, although they may be added to the acquisition value of the new tokens received.
Airdrops and Promotions
“Airdrops” —free token distributions for participating in campaigns or promotions— generate capital gains not derived from transfers. According to Article 37.1.l) of the IRPF, they are taxed at their market value on the date of receipt.
Example: If you receive 100 tokens for free and each token is worth €2, you must declare €200 as a capital gain in the general taxable base (not in the savings base).
Loans and Returns
When you lend cryptocurrencies through platforms and receive interest, that income is also classified as investment income.
Likewise, if you borrow and pledge crypto as collateral, the returns generated from that loan are taxed in the same way.
Example: If you lend 2 BTC and receive 0.05 BTC in interest after one year, the euro value of that 0.05 BTC upon receipt must be declared as investment income.
Note: Borrowing fees are not deductible and do not reduce the taxable yield.
Commissions and Fees
Crypto transactions involve many types of fees: trading fees, gas fees, withdrawal fees, bridge fees, etc. Not all of them have the same tax treatment.
Fees directly linked to purchase or sale (e.g., trading fees, withdrawal fees on selling) can be included in the acquisition or transfer value.
Gas fees necessary to complete the transaction also adjust the acquisition or transfer value.
Conversely, fees for transfers between personal wallets or bridging between blockchains are generally not tax-relevant unless directly tied to a taxable operation.
Business Operations
If the activity with crypto assets is carried out by a company, the tax framework is similar but falls under Corporate Income Tax.
Gains or losses from purchases, sales, or swaps form part of accounting results.
Yields from staking, lending, or DeFi are treated as financial income.
Expenses directly linked to income generation may be deductible if properly documented.
Additionally, companies must meet specific accounting obligations: record crypto assets at fair value, disclose them in financial statements, and in some cases undergo audits with detailed valuation criteria.
Conclusion
The message from the Spanish Tax Agency is clear: all crypto transactions are taxable, regardless of whether they are carried out in euros or between cryptocurrencies, and whether by individuals or companies.
Proper classification of each transaction —capital gain, investment income, or general income— is essential to comply with tax obligations and mitigate risks.
Binding ruling V0648-24 consolidates an already established position: the crypto ecosystem is not in a legal vacuum but is fully integrated into the Spanish tax system.
As regulation and taxation of crypto assets continue to evolve, every decision —from a simple swap to a complex DeFi strategy— can significantly impact your tax liability.
👉 If you are an investor, advisor, or company and want to understand how to structure your crypto operations to remain compliant and optimize your taxes, we invite you to join our specialized event on crypto taxation in Spain on October 10. It will be a unique opportunity to learn from experts, resolve real-world cases, and take your crypto strategy to the next level.
Business Expats
International Tax & Global Structuring Consultants