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I. Introduction

Currently there is no comprehensive legislation in Spain on cryptocurrencies.[1]

The Comisión Nacional de Valores (National Securities Commission) and the Banco de Espana (Bank of Spain) issued a joint statement regarding the use of cryptocurrencies that said there is no cryptocurrency issued, registered, authorized or verified by any regulatory agency in Spain, and cryptocurrencies are not backed by any of the guarantees or safeguards provided by regulations on banking or investment products.[2]

Profits derived from transactions with cryptocurrencies are taxable under the Law on Income Tax of Individuals.[3] However, the Dirección General de Tributos, the tax policy agency within the Ministry of Economy, has established that such transactions are exempt from the Value Added Tax.[4]

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II. Tax Treatment of Cryptocurrency Mining

Cryptocurrency mining in Spain is not popular because the high cost of the electricity required for it renders it unprofitable on a small scale.[5] There are not many known cases of mining farms operating in Spain.

The income obtained from mining is considered business income, and the applicable tax rate could be as much as 48% for individuals, depending on the autonomous region where they reside. The corporate income tax rate is 25%, while the non-resident income tax rate is 19% for persons from the European Union and European Economic Area and 24% for other non-residents.[6]

The Agencia Tributaria (AT), the tax collection and enforcement authority within the Ministry of Economy, issued a binding resolution in 2016 stating that mining is not subject to value added tax, since the service rendered has no relationship with any individual user of the blockchain. It also ruled that since mining is not subject to VAT, the mining company may not deduct the input VAT it paid.[7] It further determined that mining is an economic activity subject to the Tax on Economic Activities, that profits thereof are subject to the income tax, and that associated expenses may be deducted.[8]

Taxation of staking has not been specifically regulated. Therefore, according to tax professionals, staking should be evaluated in relation to similar services whose tax treatment has already been clearly defined by the tax authority.[9]

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Prepared by Graciela Rodriguez-Ferrand
Senior Foreign Legal Specialist
January 2021


[1] Angel Di Matteo, Todo sobre Bitcoin y Cripotmonedas en España, Diario Bitcoin (Jan. 13, 2020), https://perma.cc/SBH8-7CGJ.

[2] Comunicado Conjunto de la CNMV y Banco de Espana Sobre “Criptomonedas” y “Ofertas Iniciales de Criptomonedas” (ICOs), Banco de Espana & Comisión Nacional del Mercado de Valores (Feb. 8, 2018), https://perma.cc/K5J4-WJM4.

[3] Declaración de la Renta, Cómo Tributan los Bitcoins en la Renta, Bolsamanía (Mar. 1, 2018), https://perma.cc/G4Y7-A59M.

[4] Id.

[5] Todo sobre Bitcoin y Cripotmonedas en España, supra note 1.

[6] Pilar Lluesma Rodrigo & Alberto Gil Soriano, The Virtual Currency Regulation Review—Spain 5-6 (3rd ed., Sept. 2020), https://perma.cc/EJ3F-BC8M.

[7] Agencia Tributaria, Binding Resolution No. V3625/2016 of Aug. 31, 2016, https://perma.cc/TRG7-L2LW.

[8] Id.

[9] Como Declarar las Criptomonedas en la Renta, Sin Miedo a Invertir, https://perma.cc/8CC7-HYVP.

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Last Updated: 02/05/2021