Spain has a well-developed and actively enforced framework for the taxation of cryptocurrency, governed primarily by the Ley del Impuesto sobre la Renta de las Personas Físicas (IRPF, the Personal Income Tax Act) and administered by the Agencia Tributaria (AEAT).
Crypto assets disposed of outside a business context generate capital gains or losses classified as savings income (Base Imponible del Ahorro), taxed at progressive rates between 19% and 28% depending on the size of the gain. Spain applies the FIFO (First In, First Out) method, known in Spanish as PEPS (Primero en Entrar, Primero en Salir), for calculating the cost base of crypto disposals.
Capital Gains Tax Rules
Under the IRPF, gains and losses from crypto disposals by private individuals who are not trading as a business are classified as savings income and reported in the savings tax base (Base Imponible del Ahorro).
This is distinct from the general tax base (Base Imponible General), which is subject to higher progressive rates. The classification as savings income means that crypto gains are taxed at rates that cap at 28% rather than the top marginal rates applicable to business income.
How CGT is calculated
The capital gain on any disposal is calculated as the transfer value minus the acquisition value.
The transfer value is the amount received in the disposal, or in the case of a crypto-to-crypto swap, the higher of the market value of the crypto given up or the market value of the crypto received. The acquisition value is the original price paid for the asset, plus any transaction costs directly attributable to the acquisition.
The FIFO method determines which units are treated as sold first where the taxpayer holds the same cryptocurrency acquired at different times.
Gains and losses are attributed to the tax year in which the delivery of the crypto occurs. The AEAT’s position is that all disposal events, including crypto-to-crypto swaps, sales for fiat, and use of crypto to purchase goods or services, must be reported with the appropriate gain or loss calculation. Even where no fiat currency changes hands, the disposal event triggers the capital gain calculation.
Losses
Capital losses on crypto disposals can be offset against capital gains of the same type within the same tax year. If losses exceed gains, the net loss can be carried forward for four years and offset against future crypto gains.
After the four-year carry-forward period has expired, any remaining losses may be offset against up to 25% of other savings income (such as interest and dividends) per year until absorbed. Losses arising from the bankruptcy or insolvency of a crypto platform are treated differently and classified as losses in the general tax base rather than savings income, recognisable only on the occurrence of specific triggering events such as the conclusion of insolvency proceedings.
Record keeping
Spanish taxpayers must retain records of every crypto transaction for a minimum of five years. Required records include the date, amount, and euro value of every acquisition and disposal, the nature of each transaction, the cost base of each unit held, and the identity of any counterparty.
Accurate FIFO tracking across multiple exchanges and wallets is essential to avoid errors in the gain calculations declared on the Modelo 100 return.
Income Tax Rules
Not all crypto income in Spain is classified as savings income.
Mining rewards are treated as income from a business or self-employment activity and taxed under the general income tax scale at rates up to 47% as business income.
Airdrops and referral rewards are similarly classified under the general tax scale rather than savings income, reflecting the view that these receipts are not the result of capital appreciation but of active participation or promotional activity.
Crypto received as salary or remuneration for employment is treated as employment income, included in the general tax base, and taxed at the recipient’s applicable marginal income tax rate. The euro value of the crypto at the time of receipt determines the amount included in income, and that value also becomes the acquisition cost for any future disposal.
DeFi activities generating income returns are generally treated as savings income where the returns are investment-like in character, but specific treatments depend on the nature of the protocol and the form of the return.
The AEAT’s approach to novel crypto income types, including DeFi yield farming, liquidity provision, and NFT royalties, continues to evolve, and as of 2026 specific binding guidance on some of these areas has not been published. Taxpayers with complex DeFi portfolios should seek professional advice and may consider requesting a binding ruling (consulta vinculante) from the AEAT on their specific circumstances.
Mining and Staking Treatment
Mining
Mining cryptocurrency in Spain is treated as a business or self-employment activity (actividad económica). Miners are required to register with the AEAT and file returns as self-employed individuals or as companies depending on their structure.
The income received from mining, valued at the market price in euros of the mined coins on the date of receipt, is included in business income and taxed at general income tax rates, which can reach up to 47% for individuals at the highest bracket.
Business-related costs, including hardware, electricity, depreciation, and relevant operating expenses, are deductible against mining income where properly documented and attributed to the business activity.
When mined coins are subsequently disposed of, the disposal triggers a capital event. The acquisition value for this purpose is the market value at which the coins were brought into income on the mining date.
Any further appreciation between that date and the disposal date gives rise to a capital gain taxable as savings income at the 19% to 28% rates. If the miner holds coins as business stock, the disposal may instead be a revenue event taxed at full business income rates rather than savings income rates.
Staking
Staking rewards in Spain are generally treated as investment income (rendimientos del capital mobiliario) classified within the savings base and taxed at the savings income rates of 19% to 28%. This treatment reflects the view that staking rewards are a return on a capital investment rather than the output of a business activity, distinguishing staking from mining in the Spanish framework. The euro value of staking rewards at the date of receipt is included as investment income. The receipt value also serves as the cost base for any subsequent disposal of the reward tokens.
Where staking is conducted on a commercial or organised scale, such as operating a staking service for third parties, the activity may be reclassified as business income subject to general income tax rates. The distinction turns on the same criteria applied to other self-employment activities: regularity, organisation, and commercial intent.
NFT Taxation
NFTs in Spain are generally treated as crypto assets for tax purposes where they are held as investments and subsequently sold. Gains from the sale of NFTs by private investors are classified as savings income and taxed at the 19% to 28% progressive rates applicable to capital gains.
The gain is calculated as the disposal proceeds minus the acquisition cost, using the FIFO method if multiple NFTs of the same type are held. NFTs transferred between the taxpayer’s own accounts are not taxable events.
NFT creators who create and sell digital art or collectibles commercially are engaged in an economic activity, and the proceeds from NFT sales form part of their business income, taxed at general income tax rates. Royalty streams received by creators from secondary market NFT sales are also business income in this context. Costs of creation and platform fees are deductible against business income where documented.
The VAT treatment of NFTs in Spain depends on the nature of the rights granted by the token. Where an NFT transfers the right to a digital service or product, the transaction may be treated as a taxable supply subject to IVA (Spanish VAT) at the standard 21% rate.
The AEAT has not published comprehensive specific guidance on NFT VAT as of 2026, and creators and sellers transacting at commercial scale should seek specific advice.
Reporting Requirements
Spanish taxpayers declare crypto capital gains and losses in Modelo 100, the standard annual personal income tax return. Crypto gains are included in the savings income section (Base Imponible del Ahorro), while mining income and other business-related crypto income are included in the general base section.
The Spanish tax year runs from 1 January to 31 December, and the deadline for filing the Modelo 100 return is 30 June of the following year. For the 2025 tax year, the deadline is 30 June 2026.
Modelo 721 is a separate informational declaration specifically covering crypto assets held with foreign custodians. It must be filed by Spanish tax residents whose total crypto portfolio held outside Spain has a value of €50,000 or more at any point during the year. The filing deadline for Modelo 721 is in January of the year following the relevant tax year.
Failure to file or filing incorrectly can result in substantial penalties. Modelo 720, which covers other foreign assets, does not apply to crypto holdings, which are instead covered exclusively by Modelo 721.
All values must be reported in euros. For transactions involving non-euro denominated crypto, taxpayers must use the applicable euro exchange rate at the date of each transaction. The AEAT accepts published exchange rates from recognised market sources. Records must be kept for five years, covering dates, euro values, transaction types, and counterparty details for every crypto transaction.
The AEAT has significantly expanded its enforcement capability. Under Spanish anti-fraud legislation, domestic exchanges including Binance and Coinbase are required to share customer data with the AEAT. The EU’s DAC8 directive, effective from 2026, enables cross-border data sharing across EU member states.
The AEAT has also sent direct letters to identified crypto holders notifying them of their reporting obligations.
Penalties
Spain’s penalty framework for tax non-compliance is codified in the Ley General Tributaria (General Tax Law). Administrative penalties for understating taxable income are classified as minor, serious, or very serious depending on the culpability of the taxpayer and the nature of the non-compliance.
Minor infractions attract penalties of 50% of the underpaid tax; serious infractions attract 50% to 100%; and very serious infractions, which include deliberate fraud or the use of fictitious means, attract penalties of 100% to 150%. In all cases, interest on the unpaid tax accrues from the original due date.
In the most serious cases, the AEAT may refer matters for criminal prosecution under Spain’s tax fraud provisions. Where the amount of tax defrauded exceeds €120,000, criminal liability arises, with penalties including fines up to five times the undeclared amount and imprisonment of one to five years. Given the AEAT’s active use of exchange data, DAC8 information, and direct investor letters, the risk of undetected non-compliance in the crypto space has materially reduced in recent years.
Taxpayers who come forward voluntarily to correct prior inaccuracies before the AEAT initiates a formal inquiry benefit from a reduction in penalties under the voluntary regularisation framework. The reduction available depends on how proactively the taxpayer acts and the size of the original shortfall. Professional advice is strongly recommended for taxpayers seeking to regularise historic positions.
