The Spanish Tax Agency (AEAT) doesn't forget about crypto. Sooner or later, every operation leaves a trail.

The problem is that cryptocurrency taxation in Spain is complex, changes every year, and there's very little clear, updated information available.

This guide explains what you need to declare, how to calculate it, and which tools to use. This is not tax advice (you need a professional for that), but it is the map you were missing.

Important: This guide reflects current regulations in 2026. Crypto taxation evolves quickly. Always consult a tax advisor for your specific situation.

Are You Required to Declare Cryptocurrency in Spain?

Yes. The AEAT (Agencia Tributaria) considers cryptocurrencies digital assets and requires you to declare them if:

• You've obtained capital gains or losses from selling, exchanging or swapping
• You've received income from staking, lending or yield farming
• Your balances exceed €50,000 in foreign exchanges or wallets (Modelo 721)

Not declaring is not an option: the AEAT has access to data from exchanges operating in Spain and cross-references information with international records.

Which Operations Are Taxable?

Capital Gains and Losses (IRPF — Savings Base)

These operations generate a capital gain or loss declared in the savings tax base of your IRPF:

• Selling crypto for euros (or any fiat currency)
• Exchanging one token for another (ETH for BTC, for example) — yes, every swap counts
• Using crypto to pay for goods or services
• Receiving crypto as payment for services rendered

Capital Income (Rendimientos del Capital Mobiliario)

These operations generate capital income:

• Staking (rewards for validating transactions)
• Lending (interest for lending your crypto)
• Yield farming (DeFi protocol rewards)
• Airdrops with consideration (when you receive tokens for performing an action)

Business Income

If you mine cryptocurrency on a regular, professional basis, it may be considered a business activity and taxed as business income.

Applicable Tax Rates in 2026

Savings Base (Capital Gains)

Loss Offsetting

Capital losses in crypto can offset capital gains in the same year. If there's a net loss, it can offset up to 25% of capital income.

How to Calculate Capital Gains and Losses

The basic formula is:

Gain = Sale price - Acquisition price - Costs (fees)

The challenge is the valuation method when you've bought the same token at different times at different prices.

The AEAT requires using the FIFO (First In, First Out) method: the first tokens you bought are considered the first ones sold.

Practical example:

• Purchase 1: 1 ETH at €1,000 (January)
• Purchase 2: 1 ETH at €2,000 (June)
• Sale: 1 ETH at €3,000 (December)

With FIFO, the gain is: €3,000 - €1,000 = €2,000 (not €1,000)

Modelo 721: Declaring Crypto Held Abroad

Since 2023, there's Modelo 721: mandatory for anyone holding more than €50,000 in cryptocurrency in foreign custody (foreign exchanges or personal wallets).

• Deadline: between January 1 and March 31 of the following year
• Does not mean paying taxes: it's informational only
• Penalty for not filing: minimum €5,000 per omitted item

Does it apply to personal wallets? Yes, if you hold more than €50,000 in a hardware wallet or software wallet, you must also declare it.

What about Spanish exchanges? Binance and similar platforms with tax residence in Spain don't require Modelo 721, but are required to report data to the AEAT.

Special Cases That Create Confusion

Do Token-to-Token Swaps Get Taxed?

Yes. Swapping ETH for USDC, or BTC for SOL, is considered a patrimonial transfer. Each swap generates a gain or loss based on prices at that moment.

This is a critical point: if you've done dozens of DeFi swaps, each one is a taxable event.

Is Staking Taxable?

Yes, as capital income at the moment rewards are received (at market value at that instant). When you subsequently sell those rewards, the capital gain will also be taxable.

Are Airdrops Taxable?

It depends:

• Free airdrop with no consideration: there's legal debate, but the AEAT tends to consider them a capital gain at market value when received.
• Airdrop for performing actions: capital income.

Does Moving Crypto Between My Own Wallets Get Taxed?

No, as long as both are wallets you own. The challenge is proving it if asked for justification. Always keep records showing both addresses are yours.

Is Impermanent Loss Deductible?

This is a grey area. When you withdraw liquidity from a pool, a patrimonial transfer occurs, and if you've had a real loss relative to acquisition price, that loss would be deductible. Consult a specialist.

Tools for Calculating and Filing Your Crypto Taxes

Doing calculations by hand with dozens or hundreds of operations is practically impossible. These tools automate the process:

Connect your exchanges via API or by importing CSV files, and the tool automatically calculates your gains and losses applying FIFO.

The Most Common Mistakes When Declaring Crypto in Spain

1. Not declaring token swaps: the most frequent mistake and the one that generates the most penalties
2. Forgetting Modelo 721 if you exceed €50,000 abroad
3. Not keeping records: always save CSV files from your exchanges and records of your on-chain transactions
4. Calculating without FIFO: using average price instead of FIFO can create significant differences
5. Ignoring airdrops: even if you don't sell them, they may create a tax obligation when received
6. Not offsetting losses: if you've lost on some operations, remember to offset them against gains to pay less

Frequently Asked Questions About Crypto Taxes in Spain

Does the AEAT know I have crypto? Increasingly yes. Regulated exchanges in Spain report data to the AEAT. International tax information exchange (DAC8, CARF) extends this to European and global exchanges.

Can I declare losses to pay less? Yes. Capital losses offset gains in the same tax year. It's perfectly legal and recommended.

What if I didn't declare in previous years? You can regularize by filing amendments. The sooner you do it, the lower the surcharges. Consult a tax advisor specializing in crypto.

Is DeFi income hard to declare? It's the most complex due to the volume of operations and the nature of the yields. Specialized software and/or an advisor with DeFi experience are practically essential.

Conclusion

Crypto taxation in Spain isn't simple, but it's not unmanageable chaos if you keep orderly records from the start.

The key points to remember:

• Every token-to-token swap is a taxable event
• Use FIFO method to calculate gains
• File Modelo 721 if you exceed €50,000 abroad
• Use specialized software to not lose track
• Offset losses against gains

This guide is informational. For your specific tax return, always work with a tax advisor specializing in cryptocurrency.