Spain has made significant progress in regulating cryptocurrency taxation. From the Modelo 721 reporting obligation to IRPF taxation of gains, the fiscal landscape is increasingly clear. This guide explains everything you need to know for 2025.
How crypto is taxed in Spain
Cryptocurrencies are treated as patrimonial assets in Spain. Gains or losses are integrated into the IRPF savings tax base at rates of 19% (up to €6,000), 21% (€6,000–€50,000), 23% (€50,000–€200,000) and 27% (above €200,000).
Unlike Germany, Spain has no time-based exemption: gains are taxable regardless of holding period.
Losses can be offset against gains in the same tax year, with any excess carried forward for four years.
Modelo 721: foreign crypto reporting
Since 2023, Spanish taxpayers with crypto on foreign exchanges worth more than €50,000 on 31 December must file Modelo 721.
This applies regardless of whether you made any transactions during the year. Modelo 721 is purely informational.
Staking, mining and airdrops
Staking rewards and mining income are treated as capital income or business income depending on the regularity and organisation of the activity.
Airdrops received without consideration are declared as a patrimonial gain at market value on the date of receipt.
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Try SafeTax for freeFrequently asked questions about crypto taxes in Spain
How much tax do you pay on crypto in Spain?
Gains are taxed in the IRPF savings base: 19% up to €6,000, 21% from €6,000 to €50,000, 23% from €50,000 to €200,000, and 27% above €200,000.
What is Modelo 721?
Modelo 721 is the informational declaration for virtual currencies held abroad, required when the value exceeds €50,000 on 31 December.
Can SafeTax generate the tax report for Spain?
Yes. SafeTax imports your transactions, applies FIFO and Spanish tax rules, and generates a report ready for your IRPF declaration.