P2P trading: taxation of buying and selling between individuals
P2P (peer-to-peer) trading allows buying and selling cryptocurrencies directly between individuals, without a centralized exchange custodying the funds. Fiscally, the same rules apply as any other crypto operation.
Is P2P taxed the same as trading on an exchange?
Yes. The way the operation is executed (centralized exchange, P2P, OTC, between friends) does not change the tax treatment. What matters is that there is a transfer of assets with a price.
When selling crypto for euros in P2P:
- Gain/loss = price received in EUR − FIFO cost of the crypto sold.
- It is declared as a capital gain/loss in the savings tax base.
When buying crypto with euros in P2P:
- There is no taxable event upon purchase.
- The acquisition cost (price paid in EUR) is recorded.
Issues with cash transactions
If the P2P payment is made in cash (physical banknotes), the amount is equally declarable. The use of cash does not exempt from tax obligations nor does it anonymize the operation before the AEAT.
Furthermore, cash payments exceeding €1,000 between individuals are restricted by Law 11/2021 and can generate additional penalties.
Exchange rate in international P2P operations
On international P2P platforms, the price may be in dollars or another foreign currency. For tax calculation, you must convert the value to euros using the official ECB exchange rate on the date of the transaction.
Documentation in P2P operations
The lack of a central exchange that generates automatic statements makes it more important to keep a manual record:
- Screenshots of the chat or operation confirmation.
- Payment receipt (bank transfer, etc.).
- Hash of the blockchain transaction for the sending/receiving of crypto.
The seller as an "obligated party"
If you operate regularly in P2P with significant volumes and charge commissions for intermediating, you could be considered an obligated party under the Anti-Money Laundering Law. This would imply more KYC and reporting obligations.
Conclusion
P2P operations have exactly the same tax treatment as those carried out on centralized exchanges. The absence of an intermediary does not eliminate the obligation to declare; it simply places more responsibility on the taxpayer themselves to correctly document each transaction.