2024 it will be mandatory to declare cryptocurrencies

People who have virtual cryptocurrencies and carry out operations with them must declare such transactions with the Treasury from January 1, 2024 .

The purpose of this measure and new obligation is to improve tax control. But how are cryptocurrencies taxed? Below, we offer you all the information you need.

Who is required to declare cryptocurrencies in 2024?

They are required to declare cryptocurrencies in their Income Tax Return :

Persons and entities resident in Spain.
Permanent establishments in Spanish territory of persons or entities residing abroad , which provide exchange services between virtual currencies and fiat currency or between different virtual currencies, mediate in any way in the performance of said operations or provide services to safeguard private cryptographic keys in name of third parties, to maintain, store and transfer virtual currencies.
In these cases, they will be required to submit the annual cryptocurrency declaration regarding acquisition, transmission, exchange and transfer of virtual currencies.

Collections and payments made with cryptocurrencies must also be declared.

To declare cryptocurrencies it will be necessary to indicate:

Name and surname .
Company name or full name .
Home .
Tax identification number of those carrying out the operations .
The information regarding the balances must include, for each virtual currency, the type of virtual currency, the number of units of virtual currency as of December 31 and its valuation in euros.

The first cryptocurrency declarations must be submitted from January 1, 2024 and will be made with respect to operations that have been carried out since April 25, 2023.

Will it be necessary to declare operations with virtual currencies?

That’s right, they are required to present an annual information declaration in reference to the acquisition, transmission, exchange and transfer of virtual currencies:

Persons and entities residing in Spain .
Permanent establishments in Spanish territory of persons or entities residing abroad , which provide exchange services between virtual currencies and fiat currency or between different virtual currencies, mediate in any way in the performance of said operations or provide services to safeguard private cryptographic keys. on behalf of third parties, to maintain, store and transfer virtual currencies.
They must provide the following information:

Name and surname or company name or full name.
Address and NIF of the people or entities to whom the virtual currencies correspond at some point during the year, whether as holders, authorized persons or beneficiaries.
Type of virtual currency and date of operation.
Type of virtual currency units acquired, transmitted, exchanged or transferred.
Value in euros for which the operation is carried out.
Persons or entities whose activity is limited to advising on virtual currencies or simply serving people’s collection and payment orders in fiduciary currency will not be required to declare operations with virtual currencies.

Nor will entities that provide exchange services between virtual currencies and fiat currency.

Is there an obligation to declare virtual currencies located abroad?

Yes, natural and legal persons residing in Spanish territory and permanent establishments in the country are required to submit an annual informative declaration regarding all virtual currencies located abroad .

This obligation extends to those who have been owners, authorized, or beneficiaries of the aforementioned virtual currencies, or have had powers of disposal over them.

Also to those who have been beneficial owners at any time during the year to which the declaration refers and have lost that status as of December 31 of that year.

The information to be provided for the declaration of currencies abroad will be:

Name and surname or company name or full name.
If applicable, tax identification number of the country of tax residence of the person or entity that provides services to safeguard private cryptographic keys on behalf of third parties, to maintain, store and transfer virtual currencies.
Address or address of your website.


Complete identification of each type of virtual currency.


Balances of each type of virtual currency as of December 31 expressed in virtual currency units and their valuation in euros.

Hiding cryptocurrencies abroad can lead to fines of up to 20,000 euros

Taxpayers must inform the Treasury before March 31 of the cryptocurrencies they have outside the country. This is as long as they exceed 50,000 euros .

Hiding cryptocurrencies will involve sanctions (depending on the severity of the infraction) that will range from 20 euros to 20,000 euros.

In addition, reporting incorrect data or omitting information will result in a fixed fine of 150 euros. This fine could increase between 0.5% and 1.5% of the amount of the operation.

Apart from cryptocurrencies abroad, the rest of the virtual currencies must also be taken into account.

The fines for each undeclared cryptocurrency will be around 5,000 euros, an amount that could rise to at least 10,000 euros if you provide incomplete, false or inaccurate information .

If you omit your income obtained with cryptocurrencies from your income, the fine could be 26% of the amount you have not paid.

For example, if you had to have paid 4,000 euros for your cryptocurrencies, you will have to pay those 4,000 euros plus 26% of that amount. That is, you would pay 4,000 plus 1,040 euros, a total of 5,040 euros.

To avoid incurring penalties, we recommend that you study how to declare your cryptocurrencies in the coming months.

What model must be presented to declare cryptocurrencies, and other virtual currencies?

Although in Spain there has always been an obligation to declare cryptocurrencies to the Treasury, in recent years control over them has expanded in order to avoid tax fraud and evasion .

The Tax Agency has added a new section dedicated exclusively to the declaration of cryptocurrencies.

These are boxes 1800-1814 , in which it will be necessary to detail:

Transactions carried out.
Value of cryptocurrency acquisitions.
Date on which they were carried out.
Thus, the losses or gains will be calculated in the draft Income.

Boxes 1802 and 1803 must include the cryptocurrencies exchanged and those received in their place.

In boxes 1804 and 1806 the value of the exchange and acquisition will have to be included. That is, through these boxes the capital gain that has been obtained will be calculated.

Important! You will have to declare the cryptocurrencies whether you have sold or bought them .

This will be used to calculate both profits and losses from operations, since losses can offset other capital gains.

Now, as we mentioned, each operation has to go in a separate box.

Ideally, you should group the movements and detail the acquisition date of the first purchase of cryptocurrencies and the last sale of them.

What will the tax rates be? These will vary depending on the tax base of the savings.

With less than 6,000 euros: you will pay 19% personal income tax .
Between 6,000 and 50,000 euros: you will pay 21% personal income tax .
Between 50,000 and 200,000 euros: you must pay 23% personal income tax .
More than 200,000 euros: you will have to pay 26% personal income tax .
Throughout this year it will be mandatory to declare cryptocurrency balances that exceed 50,000 euros .

To declare cryptocurrencies and virtual currencies, the following models will be used:

FirstModel 172: virtual currency balance .
SecondModel 173: operations carried out .
ThirdModel 721: cryptocurrencies located abroad .
ForthModels 172 and 173 will focus on companies with tax residence in Spain that participate in the cryptocurrency market. They may participate as exchange agencies or as virtual wallets.

Form 172 must be submitted if you have obtained a profit of more than 1,000 euros as a balance of virtual currencies.

With form 173, details will be collected about the person or entity that carried out the operations, the type of currency used and the amount obtained or sold.

The date on which the transaction was made and its value must also be included.

Who is required to submit Form 721?

As we indicated above, starting in 2024 the Tax Agency will require reporting on the balance of virtual currencies located abroad.

In Form 721 it will be necessary to include personal data such as the name, the NIF or the entity that holds the keys, the identification and the balances of each cryptocurrency and what its value is in euros.

RD 249/2023 indicates that it will not be mandatory to report on cryptocurrencies abroad if the total balance of all cryptocurrencies as of December 31 (quantifying their value in euros) does not exceed 50,000 euros.

It will be necessary to declare all activities that are related to cryptocurrencies, such as mining.

Treasury may seize cryptocurrencies to collect debts

The Ministry of Finance is discussing the possibility of being able to seize cryptocurrencies or any type of currency and digital asset when companies or users have debts with the Administration .

In order to make this measure effective, article 162 of the General Tax Law would have to be reformed and allow the Treasury to use digital assets to collect debts.

The Tax Agency is going to regulate the tracking of cryptocurrency transfers

Before finishing, it is important to take into account the following: the Ministry has put out to public consultation the regulation that will monitor the transfers of crypto assets .

To do this, it will use a decree to control online transfers as required by the European Union.

The objective is to impose the obligation on service providers that operate with digital currencies to reveal the identity of people who invest in cryptoassets .

In addition, banks will have to provide information about who is obtaining income from these transactions.

That is, there will be an automatic and mandatory exchange of information between tax authorities that must indicate who the cryptoasset service providers are and will include cryptoassets issued in a decentralized manner .

The measures will have to be adopted by EU member countries before December 31, 2025.

We hope this post helps you. Did you know about the obligation to declare cryptocurrencies from 2024?

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