Spanish Tax Authority Issues Warning Letters to Domestic Cryptocurrency Investors


The Spanish government has begun enforcing its tough cryptocurrency stance, as the national tax agency has swung into action. Reports show that the Hacienda just issued 14,800 warning letters to citizens who have failed or are yet to declare their crypto holdings. The warning noted that defaulters would incur fines of over 5,000 euros ($5,900).

According to a recent report by Telemadrid, a Spanish media house, Spain’s tax agency plans to tax cryptocurrency and has already forwarded a memo to all their correspondent receivers.

The Hacienda clarified that concerned with domestic crypto holders’ purchase activities, only profitable sales.

That said, traders who purchased say 10,000 euros ($11,880) worth of BTC in 2017 and sold them at 200,000 euros ($237,700) in 2020 are liable to “declare a capital gain of 190,000 euros ($225,800).”

Domestic Crypto Holders are Complying
The total number of letters dispersed by the Hacienda is significantly lower than that of 2020, indicating that many citizens are complying. The Spanish tax authority launched a similar targeted effort in 2020 but sent out about 66,000 warning letters to cryptocurrency holders.

The 66k figure represents a massive increase from the 14,700 warning tax letters sent in 2019.

The Spanish Secretary of State for the Economy, Ana de la Cueva, stated that cryptocurrencies like Bitcoin (BTC) embody “a risk of default, given that the user does not have the protection offered by traditional payment systems against a default by the counterparty.”

Meanwhile, in the same month, the State Agency for Tax Administration of Spain published guidelines on how to deplete tax evasion for cryptocurrencies.


You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.