It is one of the most repeated questions among those who buy Bitcoin (BTC) or any other cryptoasset: «If I haven’t sold anything and I keep my funds intact, do I have to declare anything to Hacienda?».
The quick answer is usually that buying and holding (HODL) does not generate an obligation to pay taxes on gains in the Income Tax (IRPF). However, the tax framework in Spain includes important nuances. Even if you haven’t exchanged your cryptocurrencies for euros, there are certain informational obligations about your balances that you could indeed have to comply with depending on where you keep your assets and what their value is.
Next, we look at the difference between having crypto and generating profits, which operations are exactly taxed and what the informational returns required by the Tax Agency (AEAT) are.
Having crypto is not the same as having gains
Watching the balance of your cryptocurrencies grow on your app screen is exciting, but that number does not mean that you have money in your pocket or that you should pay taxes on it. For the Tax Agency (AEAT), the mere revaluation of an asset does not generate an obligation in the IRPF: there is a very clear boundary between owning an asset that has risen in price and earning real money with it.
To understand it simply, imagine that you buy a collection of sneakers for €100 and after a few months their market value rises to €500. If you still have them stored in your closet, you haven’t earned money yet, you only have some sneakers that today are worth more. With cryptocurrencies exactly the same thing happens: it doesn’t matter that your Bitcoin is worth €80,000 today, as long as it stays in your wallet without moving, that gain is only “on paper” and you don’t have to declare anything in the Income Tax.
What exactly is a capital gain or loss?
For Hacienda, money only starts to count when you dispose of the asset. It is at that moment of the operation when what is fiscally known as a capital gain or loss is generated.
The calculation applied by the AEAT is very direct:
Gain or loss = Sale price − (Purchase price + Fees)
- A practical example: If you bought Bitcoin for €1,000 (paying €5 in commission) and some time later you sell it for €1,500 (paying €5 in commission), your real gain has been €490. That is the only figure on which you will have to pay taxes.
- If you don’t sell: As long as you don’t execute that sale, the result is zero for IRPF purposes.
In short: the obligation to pay taxes is not born from how much your cryptocurrencies are worth today, but from the difference in real money that you obtain when you decide to sell them or exchange them.
What operations must be declared
There is a frequent confusion between holding assets and carrying out operations subject to taxation. Below, the key assumptions that the AEAT considers taxable events are detailed:
|
Operation / Assumption |
Tax classification (AEAT) | Impact on IRPF |
Key aspect to consider |
| Sell crypto for euros | Capital gain or loss | Savings tax base | It is calculated by the difference between the acquisition value and the transfer value in euros. |
| Exchange one crypto for another (Swap) | Exchange of goods (Capital gain/loss) | Savings tax base | It is equivalent to selling the first asset at market price to buy the second (includes BTC to ETH or to stablecoins such as USDT/USDC). |
| Pay with crypto or gift cards | Transfer of patrimony (Exchange) | Savings tax base | Delivering cryptocurrencies as a means of payment or acquiring gift cards constitutes a taxable event due to the difference in value since their purchase. |
| Airdrops, rewards and yields | Capital gain or Return on movable capital | General tax base / savings | They are included according to their market value at the exact moment they are credited to the wallet, not when they are converted to euros. |
What if you have only bought and have not sold?
The short answer is that the mere holding of cryptocurrencies does not generate a capital gain or loss that must be included in the IRPF, but that does not mean that you are 100% exempt from any tax obligation.
Although buying and holding is not taxed by itself in the Income Tax, whether you have to declare or report will depend on factors such as where they are deposited, the total value of your assets, whether you have made exchanges between cryptocurrencies, whether you have obtained yields from staking or mining, or your global patrimonial situation (which can activate the obligation to file informational returns such as Model 721 or the Wealth Tax).
|
Obligation / Tax |
When does it apply? |
Observation |
| Model 721 (Informational return of cryptoassets abroad) | If the total value of your cryptocurrencies in foreign exchanges or custodians exceeds €50,000 as of December 31. | It is purely informational (nothing is paid), but omitting it entails high penalties. |
| Wealth Tax / Solidarity Tax | If your global net patrimony exceeds the exempt limits of your Autonomous Community (generally from €700,000 or €3,000,000 depending on the case). | In this case, the value held as of December 31 does count for the tax base. |
How Hacienda knows that you have cryptocurrencies
The myth that transactions with cryptoassets are invisible to the tax Administration has been definitively left behind. Through a combination of national informational returns and European transparency directives, the Tax Agency in Spain has advanced tools to know both the balances you maintain and the detail of your operations on centralized platforms.
Below, we summarize the three main channels through which Hacienda monitors your cryptoassets:
Models 172 and 173 of providers in Spain
Companies with tax residence in Spain that custody cryptoassets (exchanges, wallets) or provide exchange services are obliged to inform Hacienda annually:
- Model 172: Crypto balances as of December 31, identifying the holders and the equivalent value in euros.
- Model 173: Detailed record of all operations carried out.
DAC8: the exchange of information in the European Union
Published in the OJEU in October 2023, the DAC8 Directive obliges all cryptoasset service providers (CASP) operating in the European Union to report their users’ transactions.
Model 721 for crypto outside Spain
If your cryptoassets are custodied on foreign platforms or exchanges and the total joint value of your portfolio held abroad exceeds €50,000 as of December 31, you must report it yourself through Model 721.
What happens if you don’t declare your cryptocurrencies
Ignoring tax obligations with cryptoassets does not prevent the Tax Agency from detecting the omission through automatic data cross-checks. Not declaring gains or not filing informational models can give rise to surcharges, interest and economic penalties proportional to the seriousness of the offense.
Below, the scenarios, consequences and economic impact are summarized according to the type of non-compliance:
|
Scenario / Type of omission |
Infraction according to the AEAT |
Consequence / Applicable penalty |
| Not declaring gains in the IRPF (Sales to euros, swaps, airdrops or staking) | Concealment of income / Failure to pay the tax quota. | • Proportional fine: 50% (minor) up to 150% (serious/very serious) on the amount not paid. • Late payment interest on the accumulated debt. |
| Not filing Model 721 (Crypto abroad > €50,000) | Non-compliance with informational obligations. | • Fixed fine: €20 for each data item or omission (with a minimum of €300 and a maximum of €20,000). |
| Voluntary regularization (Filing late without prior request from Hacienda) | Voluntary lateness (penalties for infraction are avoided). | • Single surcharge: 1% + 1% additional for each full month of delay. • If it exceeds 12 months: 15% surcharge + late payment interest. |
Frequently asked questions
- Do I have to declare if I have lost money? Yes, it is advisable to do so. Losses offset the gains of the year or of the following 4, reducing what you pay in the IRPF.
- Does moving crypto between my own wallets pay taxes? No. Moving funds between addresses of your ownership does not generate a taxable event since there is no change of ownership.
- When are cryptos declared in the income tax? In the campaign of the following year (April-June). The date on which you carry out the operation counts, not when you withdraw to your bank.
- What documentation should I keep? Histories and receipts for 4 years. Keep CSV files, dates and prices to prove your acquisition costs before Hacienda.
In short, the tax regulation of cryptoassets is increasingly strict and transparent, so proactive management is your best defense. Keeping an exhaustive record of your operations and knowing the limits of each model will save you costly errors before Hacienda.
However, since each portfolio presents unique particularities, it is essential to consult with a specialized tax advisor to analyze your specific case, optimize your taxation and guarantee full compliance with the regulations.