finance and cryptocurrencies

The Treasury is putting more and more pressure on the crypto world to regulate its operations, which is why it is trying to approve tax models that regulate cryptocurrency operations. If you want to know exactly how to declare your cryptocurrencies, we advise you to read our blog post detailing how cryptocurrencies are taxed..

As of today, the repercussions for not declaring your cryptocurrencies are as follows:

finance and cryptocurrencies

1. Penalty for not declaring cryptocurrencies and their derived income in the Personal Income Tax.

In this article we will explain the possible penalty for not declaring cryptocurrencies and their derived income in the Personal Income Tax, as well as the different alternatives available to each type of taxpayer.

As a general rule, taxpayers resident in Spanish territory must include in their personal income taxable income the following in their taxable income the total income and yields obtained in the fiscal year. All of the above regardless of the territory in which they are generated, including income and/or gains derived from cryptocurrency trading.

With regard to the taxation of income In the first place, it is necessary to analyze both the type of cryptocurrency operator (for example, whether or not it acts within the framework of an economic activity) and the type of income that could derive from transactions with this type of asset.

2. Personal income taxpayers who do not operate within the framework of an economic activity.

For those IRPF taxpayers who do not operate within the framework of an economic activity, and who carry out transfers or exchanges of cryptocurrencies, they must declare the following capital gains and/or losses in their tax returnThe income is included in the savings taxable income. The type of income included in the savings base will be subject to taxation according to the following tax scale:

Net taxable income – up to euros	Complete tax rate – up to euros	Restof taxable income – up to euros	Applicable rate – percentage
0,00	0,00	6.000,0	19,00%
6.000,00	61.140,00	44.000,00	21,00%
50.000,00	10.380,00	150.000,00	23,00%
200.000,00	44.880,00	En adelante	26,00%

3. Other related services

– Cryptocurrency management for the proper taxation in the income tax return.

-If you want to obtain more information regarding penalties for not declaring cryptocurrencies you can consult the following link.

– If you are an individual who has traded on different exchanges, traded on DEFI, bought and sold NFTs, purchased Airdrops or Play to Earns and you want to properly declare all your operationsPlease contact us, we have a team of specialists who will speak your language and have extensive experience in crypto asset taxation who speak your language.