Wrapped tokens (wBTC, wETH) in Spain: taxable event?
What are wrapped tokens: 1:1 representations of crypto on other chains. wBTC = Bitcoin as ERC-20 token on Ethereum.
Is BTC → wBTC wrapping taxable?
- Conservative position (YES): Exchange of BTC for wBTC = swap = capital gain/loss at market value
- Liberal position (NO): Just a technical modification, no economic substance change
Recommended approach: Conservative position (treat as swap) to minimize audit risk given lack of explicit AEAT guidance.
Unwrapping (wBTC → BTC): Same analysis — if treating as taxable, = swap at current market value.
wBTC in DeFi: Sales = capital gain/loss. Collateral use = no event. Collateral liquidation = taxable event.
kointax auto-detects wrapping/unwrapping and classifies as swaps.