Crypto Airdrops: How They Are Taxed in Spain

Receiving free tokens through an airdrop may seem like a gift, but for Hacienda (the Spanish Tax Agency), it is income that must be declared. The treatment varies depending on the type of airdrop and whether there is consideration involved.

Types of Airdrops and Their Tax Treatment

Pure Airdrop (without consideration)

You receive tokens without doing anything in return (simply for having an address on a blockchain or for being a long-time user of a protocol).

Classification: Capital gain not derived from a transfer (Article 33.1 LIRPF).

When it is taxed: At the moment the tokens are credited, based on the market value at that instant.

Tax base where it is integrated: The general tax base of the IRPF (not the savings base), taxed at the taxpayer's marginal rate.

Airdrop with Consideration (retro-airdrop, farming…)

If you receive tokens for having performed a prior action (using a protocol, voting in a DAO, staking…):

Classification: Investment income (rendimiento del capital mobiliario) if it is for depositing assets, or capital gain not derived from a transfer if it is for using the protocol.

The distinction is relevant because it affects the tax base where it is taxed and the applicable rate.

Referral Airdrop

If you earn tokens for bringing new users to a platform:

Classification: It can be considered income from economic activities if there is regularity and organization, or an occasional capital gain if it is sporadic.

Acquisition Cost of Airdropped Tokens

Tokens received in an airdrop have their market value at the time of the airdrop as their acquisition cost. This is important for calculating the gain or loss when you sell them later.

Example:

• You receive 1,000 ARB tokens in an airdrop when they are trading at €1.20.
• Reportable income in the year of the airdrop: €1,200.
• Acquisition cost of those tokens: €1,200.
• If you sell them months later at €0.80: a capital loss of €400.

Issues with Airdrops of Tokens Without Liquidity

Many airdrops include new tokens that do not have a price quote at the time of receipt. In this case:

• If there is no liquid and verifiable market price → it can be argued that the value is €0 at the time of the airdrop.
• When they are subsequently sold → the entire sale price would be a capital gain.

The AEAT has not expressly clarified this point, so it is advisable to document the absence of a liquid market at the time of the airdrop.

Summary Table

Conclusion

No airdrop is completely "free" from a tax perspective. The key moment is always the accreditation of the tokens, and the market value at that instant determines the income to be declared. Keep a record of each airdrop received with the date, quantity, and price.