Stamp Duty on Documented Legal Acts (AJD) and Cryptocurrencies

The Tax on Property Transfers and Documented Legal Acts (ITPAJD) is a tax delegated to the Autonomous Communities that applies to three types of acts: onerous property transfers (TPO), corporate transactions (OS), and documented legal acts (AJD). This article analyzes when these taxes may impact the crypto world.

What is AJD?

AJD has two main modalities:

1. Notarized documents: It applies to deeds, certificates, and notarized testimonies that involve a quantifiable amount or valuable item, are registered in the Property Registry or other registries, and are not subject to TPO or OS. The general rate ranges from 0.5% to 1.5%, depending on the Autonomous Community.
2. Commercial documents: Bills of exchange, promissory notes, etc. Fixed rate.

When AJD May Apply to Crypto Operations

1. Real Estate Tokenization via Notarial Deed

If a real estate property is tokenized through the establishment of a company or the issuance of a financial instrument and documented in a public deed:

• The establishment of the SL that receives the property → subject to OS (corporate transactions) if there is a property contribution.
• If the property is mortgaged to issue tokenized debt → the mortgage → subject to AJD (notarized documents).
• AJD is levied on the value of the mortgage loan: rate 0.5%-1.5% depending on the Autonomous Community.

Since Law 5/2019 (Real Estate Credit Law), the AJD for mortgages in Spain is paid by the lending bank (not the borrower). However, in mortgages between individuals or atypical issuances, the taxpayer may vary.

2. Establishment of a Joint Ownership Community for Crypto Investment

If several partners establish a joint ownership community to invest collectively in cryptocurrencies and document it in a public deed:

• The establishment itself → not OS or TPO → in principle not subject to AJD.
• If real estate is contributed to the community → subject to TPO (due to the transfer of the property to the joint ownership).
• If cash or crypto is contributed → no taxable event for AJD.

3. Issuance of Debt Tokens (Security Tokens)

If a company issues debt tokens (stablecoins backed by assets, tokenized bonds) and documents it in a notarial policy or deed:

• It may be subject to AJD if there is a notarized document.
• Rate: 0.5% on the value of the debt.

If the issuance is purely on-chain (smart contract without a notarial deed) → NO taxable event for AJD.

4. Liquidation of Crypto Joint Ownership Communities

If a joint ownership community holding Bitcoin collectively is dissolved:

• The dissolution of the community and the allocation of assets to each partner:
  • TPO: if real estate is involved, due to excess allocation.
  • AJD: if the excess allocation is documented in a notarial deed. Rate: 0.5%-1.5%.
  • If the assets are only crypto and the distribution is proportional → possibly no AJD.

TPO (Onerous Property Transfers) and Crypto

Although AJD is the most common tax in the crypto context, TPO may apply in specific cases:

• Crypto sales between individuals documented in a deed: theoretically subject to TPO, but the sale of movable goods between individuals is already exempt when it involves second-hand goods without business activity. Crypto is considered movable property → exempt in many cases.
• Exchange of real estate for crypto: if an individual sells their apartment to another and receives payment in Bitcoin → it may be considered a real estate exchange, subject to TPO based on the value of the property.

Is There VAT on Crypto Sales?

VAT and ITPAJD are mutually exclusive: if a transaction is subject to VAT, it cannot be subject to TPO.

For cryptocurrency sales:

• If sold by a business or professional → subject to VAT (but with exemption according to the ECJ ruling in the Hedqvist case C-264/14: the sale of virtual currencies is exempt from VAT).
• If sold by an individual → could be subject to TPO (second-hand movable goods between individuals), but the Dgt has indicated in several rulings that the exchange of crypto between individuals is a taxable event for IRPF but not necessarily for TPO.

Summary

AJD rarely affects individual crypto investors. Its impact is greater in business structures, tokenization of real-world assets, and crypto real estate operations.

Updated: April 2026 | Fiscal Year: 2025