How to Pay Taxes on Crypto Income in Spain: Your Complete 2024 Guide

Understanding Crypto Taxation in Spain

As cryptocurrency adoption surges in Spain, understanding tax obligations is crucial for investors. The Spanish Tax Agency (Agencia Tributaria) treats cryptocurrencies as taxable assets, not legal tender. Whether you’re trading Bitcoin, earning staking rewards, or receiving crypto payments, your activities likely trigger tax liabilities. Non-compliance can result in penalties of 50-150% of unpaid taxes plus interest, making accurate reporting essential for all residents and non-residents with Spanish-sourced crypto income.

Crypto Activities Subject to Taxation

Spanish tax law requires declaration of these cryptocurrency events:

1. Selling crypto for fiat currency (e.g., converting BTC to EUR)
2. Trading between cryptocurrencies (e.g., swapping ETH for SOL)
3. Spending crypto on goods/services (treated as disposal)
4. Receiving crypto as payment (for freelancers/businesses)
5. Earning staking/mining rewards (taxed as ordinary income)
6. Receiving airdrops/hard forks (valued at market price)

Note: Simply holding crypto or transferring between your own wallets isn’t taxable.

How to Calculate Your Crypto Taxes

Spain uses a capital gains tax model for disposals and income tax for rewards:

• Capital Gains Formula: (Sale Price – Purchase Price) – Allowable Expenses = Taxable Gain
• Cost Basis Method: Spain mandates FIFO (First-In-First-Out) accounting
• Income Valuation: Mining/staking rewards taxed at market value when received

Example: Buying 1 ETH for €1,500 and later selling for €2,400 generates a €900 taxable gain. Trading fees and blockchain transaction costs qualify as deductible expenses.

2024 Spanish Crypto Tax Rates

Tax rates vary based on income type and amount:

Tax Type	Income/Gain Range	Tax Rate
Capital Gains	€0 – €6,000	19%
	€6,001 – €50,000	21%
	€50,001 – €200,000	23%
	€200,001+	26%
Ordinary Income	Varies	19%-47% (based on total annual income)

Autonomous regions like Madrid and Catalonia may apply slight rate variations.

Step-by-Step Reporting Process

1. Track Transactions: Use tools like Koinly or CoinTracking to log all 2023 activities
2. Calculate Gains/Income: Apply FIFO method to disposals; convert values to EUR
3. Complete Form 100: Report capital gains in Section H (Box 332) of the annual income tax return
4. File Form 720 (if applicable): Required if holding >€50,000 in foreign exchanges by December 31
5. Pay Before Deadline: Submit between April-June 2024 for 2023 tax year

Self-employed must declare crypto income quarterly via Modelo 130. Penalties for late filing start at €100 plus 5% monthly interest.

Special Considerations for Spanish Crypto Investors

Tax Loss Harvesting: Offset gains with losses from other crypto disposals
NFTs: Subject to capital gains tax upon sale
DeFi Transactions: Liquidity pool earnings and yield farming are taxable
Gifts/Inheritance: Taxable under wealth transfer regulations
Non-Residents: Pay 19% flat rate via Modelo 210

Andalusia’s recent 99-150% inheritance tax reduction makes it attractive for crypto wealth transfers.

Frequently Asked Questions (FAQ)

Do I owe taxes if my crypto lost value?

No, but you can declare losses to offset future gains for up to four years.

How are crypto-to-crypto trades taxed?

Each trade is a taxable event. Selling ETH for USDC triggers capital gains tax based on your ETH’s cost basis.

What if I use a foreign exchange like Binance?

You still pay Spanish taxes. Holdings >€50,000 require Form 720 disclosure.

Are there tax-free allowances?

No crypto-specific exemptions. The standard €6,000 capital gains bracket has Spain’s lowest rate (19%).

How do I value crypto in euros?

Use the exchange rate at transaction time from reputable sources like the ECB or CoinMarketCap.

Can Hacienda track my crypto?

Yes. Since 2021, Spanish exchanges report user data. The Tax Agency uses blockchain analytics tools.

Staying Compliant in 2024

With Spain implementing the EU’s DAC8 crypto reporting rules in 2026, transparency is increasing. Maintain detailed records including dates, amounts, wallet addresses, and transaction IDs. Consider professional advice for complex cases like DeFi or mining operations. Proper tax planning today prevents costly penalties tomorrow while supporting Spain’s growing crypto ecosystem.