Forms 172 and 173: A Complete Guide for Crypto Investors
Since the 2023 fiscal year, cryptocurrency holders in Spain have two new informative obligations: Forms 172 and 173. Failure to comply carries penalties of up to €150 per incorrect data point and can trigger an audit.
What are they?
Form 172 — Declaration of Balances
Reports on the balances held in cryptocurrencies as of December 31st of the fiscal year. It includes:
- Name of each virtual currency.
- Number of units.
- Valuation in euros at year-end.
- Custodial entity (if applicable).
Form 173 — Declaration of Operations
Reports on the operations carried out during the fiscal year: purchases, sales, exchanges, transfers, and any other transmission of cryptocurrencies.
For each operation, you must declare:
- Type of operation.
- Currency/currencies involved.
- Amounts in euros.
- Dates.
Who is required to file?
Both forms apply to:
- Natural persons resident in Spain who have carried out operations with virtual currencies during the fiscal year.
- If your wallet balances exceed €1,000 at year-end → Form 172 is mandatory.
- If you have carried out operations whose aggregate amount exceeds €1,000 → Form 173 is mandatory.
They must also be filed by companies and exchanges based in Spain regarding their clients.
Filing deadlines
| Form | Deadline |
|---|---|
| 172 | January of the year following the fiscal year |
| 173 | January of the year following the fiscal year |
Both are submitted electronically through the AEAT electronic office, using a digital certificate or Cl@ve.
Difference between reporting and declaring
It is crucial to distinguish:
- Forms 172/173 = informative declaration. It does not involve paying taxes, only communicating balances and operations.
- IRPF (Income Tax) = settlement declaration. This is where taxes on gains are calculated and paid.
The information sent in 172/173 is cross-referenced by the AEAT with your IRPF to detect discrepancies.
Penalties for non-compliance
| Infringement | Penalty |
|---|---|
| Failure to file | €200 minimum |
| Incorrect or incomplete data | €150 per erroneous data point |
| Late filing | €100 minimum |
Penalties are applied per declaration, not per taxpayer, which can result in significant amounts if there are many incorrect operations.
How to generate them automatically
Specialized crypto tax tools generate XML files compatible with the AEAT format for both forms. You only need to import your transaction history, review the summary, and export the file ready to upload to the electronic office.
Practical tips
- Don't wait until January: prepare the data starting in October to detect errors in time.
- Include all wallets, even non-custodial DeFi wallets — the obligation also applies to self-custody wallets.
- Use the same market value that you will use in your IRPF to avoid inconsistencies.
Conclusion
Forms 172 and 173 are the mechanism with which the AEAT cross-references data and detects those who do not declare their cryptocurrencies in their IRPF. Filing them correctly and on time is essential, and specialized tools make the process almost automatic.