Regulatory Approaches to Cryptoassets: Spain

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I. Financial Regulation and Consumer Protection

Spain’s Comisión Nacional de Valores (National Securities Commission) and the Banco de España (Bank of Spain) issued a joint statement regarding the use of cryptocurrencies in February 2018, noting that cryptocurrencies are not issued, registered, authorized, or verified by any regulatory agency in Spain.[1] Therefore, cryptocurrencies purchased or held in Spain are not backed by any of the guarantees or safeguards provided by regulations applicable to banking or investment products.[2] The statement aimed to alert investors to the inherent risk of loss or fraud associated with these types of transactions.[3]

Notwithstanding this warning, it has been reported that the government is considering the adoption of legislation friendly towards cryptocurrencies, which would include possible tax breaks to attract companies in the blockchain technology sector.[4] 

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II. Anti-Money Laundering Laws

The 2019 Tax and Customs Control Plan, issued by the Agencia Estatal de Administración Tributaria (AEAT) (State Tax Administration Agency) on January, 11, 2019, adopts measures aimed at reinforcing the control of the use of cryptocurrencies, considering its use by organized crime in the deep internet and the trafficking and trade in illegal goods.[5] In order to confront these challenges the plan states that there is a need for relevant authorities to adapt to the new methods used by criminal organizations, for international exchange of information and cooperation, as well as to provide adequate training of personnel.[6] In addition, those who intervene as intermediaries in transactions with cryptocurrencies and its holders will have to provide information on those transactions.[7]

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III. Taxation

Profits derived from transactions with cryptocurrencies are taxable under the Law on Income Tax of Individuals.[8] However, the Dirección General de Tributos (DGT) (General Directorate of Taxation) has established that transactions with bitcoins are exempt from value added tax.[9]

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Prepared by Graciela Rodriguez-Ferrand
Senior Foreign Law Specialist
April 2019

[1] Comunicado Conjunto de la Comisión Nacional del Mercado de Valores (CNMV) y Banco de España [Joint Press Statement by CNMV and Banco de España on “Cryptocurrencies” and “Initial Coin Offerings” (ICOs)] (Feb. 8, 2018), https://www.cnmv.es/loultimo/NOTACONJUNTAriptoES%20final.pdf, archived at https://perma.cc/K5J4-WJM4.

[2] Id.

[3] Id.

[4] España Busca Aprobar una Legislación Amistosa para las Criptomoneda [Spain Seeks to Approve Friendly Legislation Towards Cryptocurrencies], Harwareate (Feb. 18, 2018), https://hardwareate.com/espana-busca-aprobar-una-legislacion-amistosas-las-criptomonedas, archived at https://perma.cc/6VTJ-NRRV.

[5]  Resolución de 11 de enero de 2019, Dirección General de la Agencia Estatal de Administración Tributaria, por la que se Aprueban las Directrices Generales del Plan Anual de Control Tributario y Aduanero de 2019 [General Directorate of the State Tax Administration Agency, which Approves the General Guidelines on the Annual Tax and Customs Control Plan 2019], § II.4(g), BOE No. 15, Jan. 17, 2018, https://www.boe.es/boe/ dias/2019/01/17/pdfs/BOE-A-2019-507.pdf, archived at https://perma.cc/2ZS2-AM3J .

[6] Id.

[7] Id. § II.2.D.

[8] José Trecet, Declaración de Impuesto a la Renta: Cómo Tributan los Bitcoins en la Renta [Income Tax Reporting: How Are Bitcoins Taxed], Bolsamanía (Mar. 1, 2018), http://www.bolsamania.com/declaracion-impuestos-renta/como-tributan-los-bitcoins-en-la-renta/, archived at https://perma.cc/G4Y7-A59M.

[9] Id.

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Last Updated: 12/30/2020