2025 Crypto Tax Updates in Spain: Everything That's Changing
2025 is a year of significant changes in Spanish crypto taxation. We summarize the main updates affecting investors.
1. Modelo 721: First Mandatory Filing
Modelo 721 —the informative declaration of cryptocurrencies held abroad— was presented for the first time in January 2024 (for the 2023 tax year). In January 2025, the declaration for the 2024 tax year must be filed.
Who must file it:
- Tax residents in Spain who own cryptocurrencies managed by providers established outside of Spain.
- Threshold: value exceeding €50,000 as of December 31.
2. New Brackets in the Savings Tax Base (>€300,000)
The 2025 General State Budget adds a new 28% bracket for the portion of the savings taxable base that exceeds €300,000.
| Bracket | Rate |
|---|---|
| Up to €6,000 | 19% |
| €6,000 - €50,000 | 21% |
| €50,000 - €200,000 | 23% |
| €200,000 - €300,000 | 27% |
| Over €300,000 | 28% (new) |
3. DAC8: Automatic Exchange of Crypto Data in the EU
The DAC8 directive obliges digital asset service providers to automatically report their users' data to EU tax authorities starting in 2026.
In practice, this means that from 2026 onwards, the AEAT will automatically receive data from all exchanges with Spanish clients operating in the EU, without the need for individual requests.
4. Modelos 172 and 173: Third Campaign
2025 marks the third year of the obligation to file Modelo 172 (balances in domestic exchanges) and Modelo 173 (transactions carried out in domestic exchanges). Exchanges are already accustomed to reporting, and the AEAT cross-references this data with individual tax returns.
5. MiCA Regulation Fully Applicable
The MiCA (Markets in Crypto-Assets) Regulation is fully applicable as of December 2024. Although its direct tax impact is limited in 2025, exchanges regulated under MiCA have new transparency obligations that facilitate the exchange of information.
6. Updated Criteria on Liquid Staking
The DGT is reviewing its position on liquid staking (stETH, rETH…). Preliminary versions suggest that liquid staking may generate a taxable event at the time of the initial exchange (ETH → stETH), similar to a swap.
7. TEAC Resolutions on Crypto
The Central Economic-Administrative Court (TEAC) has issued several resolutions in 2024-2025 regarding the tax classification of DeFi operations, which, although not binding for the DGT, set the interpretive trend.
Conclusion
2025 consolidates a much more demanding tax framework for crypto investors in Spain. The key is to stay up to date with the latest developments, correctly document all operations, and use specialized tools to avoid errors that could lead to penalties.