Is Your Crypto on Hacienda’s Radar?

Got Crypto in Spain? here’s what Hacienda really knows — And what you need to do before it’s too late.

Let’s cut through the crypto smoke and mirrors. You bought a few Bitcoin back in 2019, maybe dabbled in Ethereum during lockdown, and now you’ve got a wallet (or two) with some digital coins sitting quietly in the background. No big deal, right? Well, Hacienda disagrees. But, how much do they really know?

Yes — Hacienda Can See You

The Spanish tax agency has officially moved from curious observer to full-on watchdog. With new reporting models, international data-sharing, and increasing pressure on exchanges, they’re not just tracking big fish anymore — they’re going after anyone with crypto over €50,000 abroad.

Here’s how they do it:

• Modelo 172: Reports how many coins you’ve got.
• Modelo 173: Tracks all your crypto movements.
• Modelo 721: Required if you hold over €50,000 in crypto outside Spain.

These are already active — and failing to comply can cost you anywhere from €150 to €600,000, depending on how serious the offence is.

How Crypto Is Taxed in Spain (Spoiler: Like Any Other Asset)

Despite all the buzz, cryptocurrency is taxed like any other capital gain.

You sell for profit? You pay.

You stake or mine? You pay.

You trade one crypto for another? You still pay.

Here’s the part most people miss: you owe tax even if you didn’t convert to euros. Trading Bitcoin for Ethereum is a taxable event. Getting airdropped a coin? Taxable. Getting paid in crypto? Also taxable.

All of this needs to go in your Spanish tax return — specifically in the crypto section between boxes 1800 and 1814.

And yes, Spain uses FIFO rules (First In, First Out), meaning your oldest crypto is considered sold first, which can lead to a bigger tax bill than you expect.

The Smart Way to Stay Compliant (and Sane)

Don’t panic. Just plan.

Spain’s rules are tight — and getting tighter — but if you stay organised, they’re manageable. Here’s what you need to do:

1. Track every trade: Record dates, amounts, euro values, and platforms used.
2. Use crypto tax software: Tools like Koinly or CoinTracking help automate the mess.
3. Work with a crypto-savvy tax advisor: Not someone who still thinks Bitcoin is a video game.
4. Declare foreign holdings: If your crypto is held abroad and worth more than €50,000, Modelo 721 is mandatory.
5. Set money aside for tax: Crypto gains are taxed from 19% to 28%. Don’t get caught short.

What If You Didn’t Declare Last Year?

You’re not alone — but don’t wait for the letter. Spanish tax authorities have access to more data than ever. Exchanges are cooperating. And the old “they won’t find out” logic no longer holds.

If you missed a declaration, do a voluntary correction. File an amended return, pay what you owe, and avoid penalties, interest, and worse.

It’s always better to fix things yourself before they come knocking.

Final Thought: Crypto Isn’t Hidden Anymore

Crypto used to feel like the Wild West. Now it’s more like downtown Madrid — full of CCTV, paperwork, and regulators. The myth of anonymity is just that: a myth.

So treat your crypto like any other investment: strategically, responsibly, and transparently.

If you want freedom with your money, learn the rules — and use them to your advantage.

Stay tuned to the Euro Weekly News for more fresh Spanish news in English.

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