Selling, swapping and spending crypto: what Spain counts as taxable

Key rules

• Swaps: Swapping one crypto for another, including a stablecoin, or spending crypto on goods is a taxable disposal.
• Own wallets: Moving crypto between your own wallets is not taxable.
• FIFO: Gains are matched first-in first-out for each cryptocurrency across all your wallets and exchanges together.
• Tax base: Net gains and losses go in the savings base.
• Holding: Holding crypto without selling, swapping or spending creates no income tax event.

What counts as taxable

Selling crypto, swapping it for another crypto, and spending it on goods or services are all disposals. Each one can create a gain or a loss that you report. Holding crypto, or moving it between your own wallets, is not taxed.

The gain or loss goes in the savings base, the part of your IRPF return that covers investment gains. The comparison below shows each event and its tax base.

Selling for euros

Your gain is the euros you received minus what you paid for those units, plus fees. A loss works the same way in reverse.

Swapping one crypto for another

A swap is a taxable disposal, even if you never touch euros. Your gain is the euro market value of what you received on the swap date, minus the euro cost of what you gave up, plus fees. The new coin's cost for later sales is that same market value.

Swapping into a stablecoin is taxed the same way. There is no stablecoin exemption. Moving into a euro-pegged stablecoin usually produces little gain on that step, but the gain or loss on the coin you gave up is locked in at that moment. Record the swap even if the gain is close to zero.

Spending crypto

Paying for goods or services with crypto is a disposal. Your gain is the euro value of what you received minus the euro cost of the crypto you spent. Any VAT on the purchase is not affected.

What is not taxed

• Holding. Unrealised gains are not taxed.
• Moving between your own wallets or exchanges. Ownership does not change, so there is no disposal. Keep the dates, addresses or accounts, amounts and fees, so you can prove your cost and the order of your purchases.
• Network fees. A fee paid in crypto is a small disposal, or it can count as a cost of the transfer, depending on the case. The FAQ below covers this.

Other duties can still apply while you hold. Staking and lending rewards are taxed as income when you receive them, even if you never sell. Wealth tax may apply. If you keep crypto with foreign providers, you may also need Modelo 721. The thresholds are €50,000 at 31 December, and later only if the balance rises by more than €20,000. Modelo 721 is explained on its own page.

How the gain is matched: first-in first-out

Spain matches sales to your oldest units first. This is done for each cryptocurrency, with all your wallets and exchanges treated together. You do not run it wallet by wallet.

For each purchase, keep the date, quantity, euro cost, fees and asset. For each sale, swap or payment, keep the date, quantity, euro proceeds or market value, and fees. The calculator below can work through the lots for you.

How much tax you pay

Add up all gains and losses for the year. The net result goes in the savings base. For 2025 the scale was 19% up to €6,000, 21% from €6,000 to €50,000, 23% from €50,000 to €200,000, 27% from €200,000 to €300,000 and 30% above €300,000. These rates change by law, so check the scale for the tax year you are filing.

Use the checklist below to go through your records in order. The decision block helps when a particular move is unclear.

Choosing between options

Does this crypto move create a taxable gain or loss?

• Treat it as a taxable disposal: You sell for euros, swap into another crypto or stablecoin, or pay for goods or services with crypto.

• Treat it as not taxable: You only move crypto between your own wallets or exchanges, because ownership does not change. Keep records of dates, addresses, amounts and fees.

• Treat only the network fee as a small disposal: You paid the fee of an own-wallet transfer in crypto. The transfer is still not taxable.

If ownership of the crypto changes or you receive something of value for it, it is a taxable disposal. If it only changes where you hold it, it is not.

Which crypto events are taxable, and in which tax base

Which crypto events are taxable, and in which tax base

Selling, swapping and spending crypto are taxable. Moving crypto between your own wallets is not. Rewards you receive, such as staking or airdrops, are taxable income.

How to read the table

• Gain or loss. For a sale, swap or purchase, the gain is the euro value you got minus what you originally paid, including fees. A loss can usually offset gains in the same base.
• Transfers. Keep a record of each one. If a transfer is not documented, it can look like a sale.
• Rewards. Write down the euro value on the day each reward arrives. You need that figure to declare the reward, and again later when you sell it.
• Staking and airdrops. Which base these go into depends on how the reward is classified. Ask a gestor or your tax office before you file.

Checklist

• List every wallet and exchange where you hold or have held each cryptocurrency, so you can treat them together.

• Match each disposal to your oldest units of that same cryptocurrency first, across all wallets and exchanges together.

• Add up your gains and losses for the year and put the net result in the savings base.

Work out your crypto gain using first-in first-out lots

Work it out

What you enter

• Coins in your oldest purchase (coins): Your exchange or wallet history, across all wallets and exchanges for this coin.
• Total cost of your oldest purchase, fees included (EUR): Your exchange purchase receipt or transaction export, in euros.
• Coins in your next purchase (coins): Your exchange or wallet history, for the next purchase of the same coin by date.
• Coins you sold, swapped or spent (coins): Your exchange sale or swap record.
• Euro value you received for them (EUR): The sale confirmation, or the euro market value on the day of a swap or purchase.
• Exchange and network fees on the sale, in euros (EUR): Your exchange fee statement and the network fee shown in the transaction details.

Figures used

• Top of the first bracket: 6,000 EUR (as of 2025)
• Top of the second bracket: 50,000 EUR (as of 2025)
• Top of the third bracket: 200,000 EUR (as of 2025)
• Top of the fourth bracket: 300,000 EUR (as of 2025)
• Rate up to 6,000: 0.19 ratio (as of 2025)
• Rate from 6,000 to 50,000: 0.21 ratio (as of 2025)
• Rate from 50,000 to 200,000: 0.23 ratio (as of 2025)
• Rate from 200,000 to 300,000: 0.27 ratio (as of 2025)
• Rate above 300,000: 0.3 ratio (as of 2025)

Worked example (with Coins in your oldest purchase 1 coins, Total cost of your oldest purchase, fees included 20,000 EUR, Coins in your next purchase 1 coins, Total cost of your next purchase, fees included 30,000 EUR, Coins you sold, swapped or spent 1.5 coins, Euro value you received for them 60,000 EUR, Exchange and network fees on the sale, in euros 100 EUR)

When the sum misleads

• If you sold more coins than the two purchases hold, add the older purchases first; the sum only covers two lots.
• If the result is a loss, the tax shows as zero: the loss first offsets gains of the same year, then up to 25% of net interest and dividend income, and the rest carries forward for 4 years.
• Coins bought before you became a Spanish tax resident keep their original cost; do not step up to the market value on arrival.
• Swaps and spending count as a sale: use the euro market value on the day as your proceeds.
• If you have gains on several coins, work out each coin separately, then add the gains before applying the brackets.

Frequently asked questions

Do I owe tax if I swap into a stablecoin?

Yes, swapping into a stablecoin is a taxable disposal, because the gain or loss on the crypto you gave up is fixed at that moment. There is no exemption for stablecoins. Swapping out of a euro-pegged stablecoin usually gives little or no gain, but you still need to record it.

How is the gain worked out when I pay for something with crypto?

The gain or loss is the euro value of the goods or services you received minus what the crypto you spent originally cost you. It goes in the savings base as a capital gain or loss. VAT on the purchase itself is not affected.

Is the fee for moving crypto between my own wallets taxable?

Yes, a network fee paid in crypto counts as a small disposal, even though the transfer itself is not taxable. In some cases the fee is instead treated as an acquisition or sale cost. Keep the transfer date, the addresses or accounts, the amounts and the fees to prove your cost basis.

Are staking rewards taxed if I never sell anything?

Yes, staking and lending rewards are taxed as income when you receive them, even if you never sell. Simply holding crypto creates no income tax, and unrealised gains are not taxed. Wealth tax may still apply to what you hold.