The new Law 11/2021, of July 9, on measures to prevent and combat tax fraud, has incorporated new obligations to provide information to the tax administration on operations carried out with cryptocurrencies.
The obligation to report is established about virtual currencies held in custody by persons or entities located outside of Spain. It is foreseeable that this will be done through the declaration of assets and rights abroad, which leaves out the obligation of assets that together are less than €50,000. However, it cannot yet be confirmed since there is no regulatory development in this regard.
On the other hand, it is regulated that persons, entities or permanent establishments in Spanish territory that provide general services on this type of currency are required to inform, whether primarily or in connection with another activity.
In both cases, data must be provided on the subjects involved in the operation, number of coins, set prices, dates of the operation...
It should be remembered that failure to comply with the duty to inform will entail a sanctioning regime with fines amounting to €5,000 per data or set of data not provided with a minimum of €10,000 and €100 for each data or set of data with a minimum of €1,500 when it has been submitted after the deadline or if it is not submitted electronically if there is an obligation to do so.
Regarding taxation, operations carried out through exchange or exchange are taxed in personal income tax as capital gains in the savings tax base, with a variable rate between 19% and 26%.
Tax Department.
Jorge Baston