The Complete Crypto Tax Guide for Spain in 2025

📌 Intro

Spain has a detailed and robust set of regulations regarding crypto taxes. The State Tax Administration Agency (AEAT), commonly known as the Agencia Tributaria is responsible for overseeing and enforcing tax obligations related to all digital assets, including regular tokens, NFTs, and all blockchain-based activity.

This guide covers the tax implications of crypto trading in Spain, including taxable vs. non-taxable events, different types of crypto tax liabilities, tax rates, how to report, and more.

📅 Reporting and Deadlines

Tax Year

Spain's fiscal year aligns with the calendar year, from January 1 to December 31.

Filing Deadlines

• Personal Income Tax (IRPF): April 2 to June 30 following the fiscal year.

• Form 721 (informative report about cryptocurrencies held abroad): January 1 to March 31 of the following year.

Platforms

• Form 100: For Personal Income Tax (IRPF) declaration.

• Form 721: Required if holding cryptocurrencies abroad exceeding €50,000 at year-end.

💼 Crypto Tax Basics

How Crypto is Classified for Tax Purposes

The AEAT classifies cryptocurrencies as digital assets or virtual currencies. Transactions involving cryptocurrencies typically result in capital gains or losses, subject to Spain’s Personal Income Tax (IRPF).

Taxable Transactions

• Selling or exchanging crypto: When you sell, swap, or otherwise dispose of crypto, you realize a capital gain or loss. Your total capital gains are subject to capital gains tax.

• Using crypto to pay: Using crypto to pay for goods or services may also result on a capital gain or loss.

• Receiving crypto (employment, mining, staking, or airdrops): If you earn crypto as income, it is subject to the same income tax rate as standard income, and must be reported in IRPF.

Non-Taxable Transactions

• Buying crypto with fiat currency: Buying crypto is not taxable. You only create a taxable event when you sell.

• Transferring crypto between your own wallets: Not taxable, as it does not represent a disposal.

Deducting Losses

• Capital losses can offset capital gains within the same tax year or carried forward for up to four years, capped at 25% of the annual taxable base each year.

Key Allowances and Thresholds

• In Spain there is no minimum exemption threshold for crypto capital gains. All gains must be declared, and all are subject to tax, regardless of the total amount of the capital gains, and regardless of total earned income.

• Age based exemptions on total income are as follows:

Notable Tax Laws for Spanish Crypto Whales

• Form 721 must be used by individuals and legal entities who hold more than €50,000 in crypto outside of Spain to report their holdings.

• A wealth tax also applies to all Spanish individuals with a net worth of more than €700,000 in total assets worldwide. Total wealth must be reported each year, including crypto and all digital assets.

💸 Income Tax Brackets

Spain uses a progressive income tax system. For 2025, the brackets are:

📈 Capital Gains Tax on Crypto

Taxable Events

• Selling crypto at a profit: Net gains on crypto trades are classified as capital gains and taxed in the savings base of IRPF. Losses can be used to offset gains.

Calculation Method

• Spain uses the FIFO (First In, First Out) method to calculate capital gains. FIFO means that when you sell an asset, the capital gain is calculated based on the price you paid when you first purchased that asset, rather than the average price.

• Short-term capital gains (assets held less than 1 year) are taxed at the same rate as your income tax bracket (see table above).

• Long-term capital gains (assets held more than 1 year) are taxed according to the following brackets:

💰 Personal Income Tax (IRPF) on Cryptocurrency

Taxable Income Sources

• Mining rewards: Considered income, taxed at general IRPF rates.

• Staking and lending rewards: Classified as investment income, taxed in the savings base.

• Airdrops: Classified as capital gains, taxed in the savings base. Crypto received from a hard fork is typically treated as tax free until it is disposed, swapped, or sold.

• Payments received for goods or services: Taxed as regular income at general IRPF rates.

Calculation Method

• The cost basis of crypto assets is valued at market price in euros at the time it was received.

• Relevant expenses such as gas fees or electricity for mining can be deducted.

• Income is taxed at the corresponding marginal rates depending on income type (general or savings base).

🔍 Tax Treatment of Specific Crypto Transactions

NFTs

• Selling NFTs: Capital gains on NFTs are treated the same way as capital gains on regular crypto tokens. Gains must be reported, and are taxed as capital gains in the savings base.

• Creating/selling NFTs as an artist: Considered income from economic activity, taxed at general IRPF rates.

DeFi Activities

• DeFi earnings: Typically classified as investment income, taxed in the savings base.

Lost or Stolen Crypto

Losses due to theft or fraud can be deducted up to 25% of the annual taxable base each year, with the remainder carried forward for up to four years.

Gifting and Inheritance

• Free transfers (gifts or inheritance) of cryptocurrencies are subject to Inheritance and Gift Tax (ISD), calculated based on market value at the transfer time.

🧾 Using Crypto Tax Software

Specialized tax software can simplify crypto tax filing. Tools like Awaken offer:

• Automated transaction tracking. Simply plug in your wallets and exchange accounts, and Awaken syncs up your transaction history for you.

• Calculation of gains and losses. No need to do any manual calculations at all, Awaken handles everything under the hood and compiles your total gain or loss in minutes.

• Reporting compatibility with Spanish tax forms. Awaken has multiple downloadable forms that can be used to report everything you need to for crypto taxes in Spain.

💡 Reducing Crypto Taxes Legally

• Tax loss harvesting: If you have potential losses to realize, tax loss harvesting is one of the easiest and most popular strategies for reducing your crypto taxes.

• Long-term holding: You may pay a reduced rate by holding your crypto assets for longer than a full year.

• Tax planning: Consulting with tax professionals to optimize your individual tax strategy.

✅ Conclusion

Compliance with cryptocurrency tax regulations is crucial in Spain. Proper record-keeping and specialized software can facilitate accurate reporting. It's recommended to consult the Spanish Tax Authority (AEAT) or a tax advisor to ensure compliance.

For further information, visit the website of the Agencia Tributaria.