Spain Crypto Tax Guide 2026 — Bitcoin, Staking & DeFi (19-28%)

cryptocurrency taxation in Spain. The guide covers: the classification of crypto by the Agencia Tributaria (AEAT) — the AEAT treats cryptocurrencies as "property" (bienes muebles de carácter patrimonial) rather than currency or financial instruments, meaning that crypto transactions are subject to the savings income rules in the IRPF; the capital gains tax (CGT) rates on crypto (the savings base rates — 19% up to €6,000, 21% from €6,001 to €50,000, 23% from €50,001 to €200,000, 26% from €200,001 to €300,000, 28% above €300,000 — these rates apply to the gain from disposals, exchanges, and spending of crypto); mining and staking income (taxed as work income — rendimientos del trabajo — if occasional, or as economic activity income — rendimientos de actividades económicas — if carried out professionally or with significant organisation; the taxpayer must include the market value of the mined/staked crypto at the time of receipt); airdrops and forks (the AEAT treats airdrops and hard fork-derived tokens as a capital gain at the time of receipt — the value of the new tokens is the market price on the date of receipt, which becomes the cost basis for future disposal); DeFi activities (lending, liquidity pools, yield farming — the interest or returns earned are taxed as savings income (rendimientos del capital mobiliario) at the savings base rates, while any capital gains from disposals of the underlying tokens are taxed separately; the return of the principal is not taxable — only the returns/gains are); crypto-to-crypto transactions (every exchange of one cryptocurrency for another is a taxable event — the gain or loss is calculated as the difference between the market value of the crypto disposed of at the time of the exchange and its acquisition cost, triggering a CGT liability even though no fiat currency is involved); trading frequency (the distinction between occasional trading (taxed as capital gains at the savings base rates) and professional trading (taxed as economic activity income at the progressive IRPF rates — the AEAT considers frequency, volume, organisation, and intention to profit as indicators of professional activity; professional traders must register as autónomos and file quarterly tax returns); Model 721 (the new form introduced in 2023 for the declaration of cryptocurrencies held on foreign exchanges — taxpayers must file modelo 721 if the value of their crypto held on non-Spanish platforms or wallets exceeds €50,000, by March 31 of the following year; the form requires detailed information about each exchange, wallet address, and the balances held; failure to file can result in penalties of €300 per data item with a minimum of €10,000); reporting in the Declaración de la Renta (the "casilla" boxes for savings income — gains from crypto transactions are reported in boxes 1634-1643 of the savings section of the IRPF return; the cost basis and acquisition dates must be provided; the AEAT has access to cryptocurrency transaction data from Spanish and foreign exchanges under the DAC8 directive); loss offsets (crypto losses can be offset against other capital gains in the savings base, subject to the same rules as any other capital loss — losses can be carried forward for 4 years); and international exchange obligations (Spanish-regulated exchanges must report all user transactions to the AEAT; since the implementation of DAC8 in 2026).

The AEAT has been increasing its scrutiny of cryptocurrency transactions. Proper record-keeping is essential. All amounts in Euros (EUR). For related reading, see our Tax Filing Guide →.

Overview — Crypto as Property

The AEAT has consistently held that cryptocurrencies are not currency but property (bienes muebles de carácter patrimonial). The tax implications of this classification are:

Capital gains on disposal: When you sell, exchange, or spend crypto, you realise a capital gain (or loss) taxable in the savings base of the IRPF. The gain is the difference between the disposal value and the acquisition cost (in EUR).
Income events: Mining rewards, staking rewards, airdrops, and DeFi interest are taxed as income either as work income (rendimientos del trabajo) or savings income (rendimientos del capital mobiliario), depending on the nature of the activity.
No VAT/IVA on crypto transactions: The European Court of Justice ruled in 2015 (Hedqvist case) that the exchange of fiat currency for cryptocurrency is exempt from VAT. The AEAT applies this ruling, so buying crypto with EUR is not subject to IVA.
Wealth tax (Patrimonio): Cryptocurrencies are included in the taxpayer's asset base for the Impuesto sobre el Patrimonio (wealth tax) at their market value on December 31. The exemption threshold is ~€700,000, and progressive rates of 0.2-3.5% apply above that.

Capital Gains Tax Rates on Crypto (Savings Base)

Gains from crypto disposals are taxed as savings income (ahorro) at the following progressive rates for 2026:

19%: On gains up to €6,000.
21%: On gains from €6,001 to €50,000.
23%: On gains from €50,001 to €200,000.
26%: On gains from €200,001 to €300,000.
28%: On gains exceeding €300,000.

These rates apply to all capital gains in the savings base, including crypto gains, stock gains, and property gains (though property gains may also attract municipal plusvalía). The rates are cumulative — each bracket is taxed at its respective rate.

Taxable Events in Detail

Disposals that trigger a taxable event:

Selling crypto for fiat (EUR or other currency): A straightforward taxable event. Gain = disposal value (EUR) minus acquisition cost (EUR).
Exchanging crypto for crypto (e.g., BTC for ETH): A taxable event. The AEAT treats this as a disposal of the first crypto and an acquisition of the second crypto. Gain = market value of the crypto received (in EUR) minus the acquisition cost of the crypto given up.
Spending crypto for goods or services: A taxable event. Gain = market value of the goods/services received (in EUR) minus the acquisition cost of the crypto spent. The AEAT requires the crypto's value to be stated in the invoice.
Gifting crypto: The donor realises a capital gain (or loss) equal to the market value minus acquisition cost. The recipient acquires the crypto at the market value on the date of the gift for their future cost basis. There may also be gift tax (Impuesto sobre Sucesiones y Donaciones) implications.

Events that are NOT taxable (at the time):

Buying crypto with fiat currency (acquisition only).
Transferring crypto between your own wallets (movement of assets, not a disposal).
Holding crypto (no tax until disposal).

Mining, Staking, and DeFi

Mining: The market value of mined crypto at the time of receipt is taxed as earned income (rendimientos del trabajo) if the mining is occasional, or as economic activity income (rendimientos de actividades económicas) if the mining constitutes a professional activity (significant equipment, regular operations, profit motive). The cost basis for the mined crypto when later disposed of is the market value at the time of mining (already taxed as income).
Staking: Staking rewards are generally taxed as savings income (rendimientos del capital mobiliario) at the time of receipt, at the savings base rates (19-28%). The market value of the staking reward at the time of receipt is the taxable amount. When the staked tokens (including the rewards) are later sold, any additional gain or loss is a capital gain in the savings base, using the staking reward's taxed value as the cost basis.
Airdrops: The market value of airdropped tokens at the time of receipt is generally treated as a capital gain (or as a "ganancia patrimonial" in the savings base). The taxpayer must report the value as a gain in the year of receipt. Some airdrops may be treated as work income if received in connection with past services.
Hard forks: The new tokens received from a hard fork are treated similarly to airdrops — the value at the time of the fork is a capital gain (ganancia patrimonial). The cost basis is zero (the original tokens' cost basis is unaffected).
DeFi lending and liquidity pools: Interest or returns from DeFi lending and liquidity pools are taxed as savings income (rendimientos del capital mobiliario). The full amount of the return (at market value when received) is taxable. If the principal is returned in a different token or at a different value, an additional capital gain or loss may arise.
Yield farming: Token rewards from yield farming are taxed as savings income at the time of receipt. The cost basis of the farmed tokens is their market value on the date of receipt for future capital gains calculations.

Trading Frequency — Occasional vs Professional

The AEAT distinguishes between occasional crypto trading (taxed as capital gains in the savings base) and professional trading (taxed as economic activity income at the progressive rates). The distinction is important because professional traders must register as autónomos, file quarterly tax returns, and pay social security contributions.

Occasional trading: If you trade crypto infrequently and as a personal investment activity, the gains are taxed as capital gains in the savings base (19-28%). Losses can be offset against other capital gains in the same tax year and carried forward for 4 years.
Professional trading: If the AEAT considers you a professional trader (based on frequency of transactions, trading volume, organised structure, use of leverage, intention to profit as a main source of income, and representation as a trader to third parties), your crypto gains are treated as economic activity income and taxed at the progressive IRPF rates (19-47%). You must register as an autónomo, file quarterly IRPF estimated payments (pagos fraccionados), charge IVA on your services (if applicable), and pay social security contributions. The line between occasional and professional is grey — as a rule of thumb, more than 10-20 trades per week combined with significant volume may attract professional classification.

Model 721 — Reporting Foreign-Held Crypto

Model 721 is an annual information return that must be filed by Spanish residents who hold cryptocurrencies on foreign (non-Spanish) exchanges or in self-custody wallets with a value exceeding €50,000 on December 31 of the preceding year.

Who must file: Any Spanish tax resident who, on December 31, holds crypto assets on foreign platforms or in foreign wallets with an aggregate value >€50,000.
Deadline: March 31 of the following year. For crypto held on December 31, 2025, the form must be filed by March 31, 2026.
Information required: (a) The name and address of each foreign platform/exchange, (b) the type and quantity of each cryptocurrency held, (c) the market value in EUR on December 31, (d) the wallet addresses (for self-custody wallets), and (e) the balance as of December 31.
Penalties for non-filing: The penalties for failure to file modelo 721 are: (a) €300 per data item or group of data items, with a minimum penalty of €10,000, (b) if the form is filed late but voluntarily, a penalty of €100 per data item with a minimum of €1,500, (c) if the AEAT requires the form after an inspection, the penalty can be up to 150% of the tax evaded (if applicable).
Ongoing obligation: Once filed, the form must be filed again in subsequent years only if the value of the crypto held abroad exceeds €50,000. If the value falls below €20,000 in a subsequent year, the obligation ceases.

Reporting Crypto in the Declaración de la Renta

In the annual IRPF return (Declaración de la Renta), crypto gains and losses are reported in the savings section. The relevant boxes are:

Casilla 1634-1637: Gains from the transfer of assets (including crypto). Report the total gains and losses separately.
Casilla 1638-1643: Gains from the transfer of assets with a holding period of more than 1 year (if applicable — the distinction between short-term and long-term was eliminated in 2021, so all gains are reported in the savings base at the same rates).
Income from mining/staking/DeFi: Reported as rendimientos del capital mobiliario in the savings section under the applicable boxes for interest and other financial returns.
Cost basis calculation: The AEAT requires the use of the FIFO (First In, First Out) method for calculating the cost basis of crypto disposals, unless the taxpayer elects to use the average cost method (precio medio ponderado). Whichever method is chosen must be applied consistently to all crypto assets of the same type.
Record-keeping: The AEAT recommends keeping records of: (a) the date and time of each transaction, (b) the type and quantity of each crypto, (c) the EUR value at the time of the transaction (from a reliable exchange rate source), (d) the exchange or counterparty details, (e) the wallet addresses involved, (f) any transaction fees (which can be deducted from the gain).

Frequently Asked Questions

Is transferring crypto between my own wallets a taxable event?

No. Transfers between your own wallets (e.g., from an exchange to a hardware wallet) are not taxable because there is no disposal — you remain the beneficial owner of the same assets. However, you should keep a record of the transfer and the cost basis of the transferred assets. If the transfer involves a blockchain transaction fee (gas fee), the fee is not deductible as a cost but can be added to the cost basis of the assets transferred.

Do I need to pay tax on crypto if I never cash out to EUR?

Yes. Every crypto-to-crypto exchange is a taxable event in Spain, even if you never convert back to EUR. The AEAT treats the exchange of one crypto for another as a disposal of the first crypto and an acquisition of the second. The gain is calculated in EUR terms based on the market value at the time of the exchange. Similarly, spending crypto on goods or services is a taxable event.

How do I calculate the cost basis of my crypto?

The AEAT requires you to use the FIFO (First In, First Out) method — the first crypto you acquired is deemed to be the first crypto you disposed of. Alternatively, you can elect to use the average cost method (precio medio ponderado) if you apply it consistently to all crypto of the same type. The cost basis includes the purchase price plus any transaction fees (exchange fees, network fees). The cost basis is in EUR — if you bought crypto with another crypto (e.g., bought altcoins with BTC), the EUR cost basis is the EUR value of the BTC at the time of the exchange.

What happens if I lose my crypto (lost private keys, hack, scam)?

If you lose access to your crypto permanently (lost private keys, hack with no recovery, scam), you can claim a capital loss for the tax year in which the loss occurred. The loss is the cost basis of the lost crypto. However, the AEAT requires documented proof of the loss (e.g., blockchain records showing the hack, police report for scams, technical evidence of lost keys). Without proper documentation, the AEAT may reject the loss claim.

Are NFTs taxed differently from other crypto?

NFTs are generally treated as property for tax purposes in the same way as other crypto. The purchase of an NFT is not a taxable event (it's an acquisition). The sale or exchange of an NFT is a capital gain/loss event taxable at the savings base rates. NFT royalties (received by the original creator on secondary sales) are taxed as earned income or economic activity income depending on the creator's status. The AEAT has published specific guidance on NFT taxation in 2025-2026, confirming that the same general principles apply.

Disclaimer

This guide is for informational purposes only and does not constitute legal or tax advice. Cryptocurrency tax rules are evolving and subject to change. The AEAT regularly issues new guidance and interpretations. Consult a qualified asesor fiscal with expertise in cryptocurrency taxation for advice tailored to your specific circumstances. The information reflects the rules applicable in 2026 as of the date of publication.