The Spanish Tax Agency, commonly known as Hacienda, is significantly increasing its scrutiny of cryptocurrency transactions among taxpayers. With the goal of detecting fraud and financial irregularities, the agency has made it mandatory since April 2023 to report virtual currency holdings—meaning that for the 2024 tax year, only partial data was available. However, starting with the 2025 tax cycle, Hacienda will have access to a full year’s worth of comprehensive transaction records, enabling deeper analysis and more accurate enforcement.
👉 Discover how to stay compliant with global crypto tax regulations in 2025.
Enhanced Monitoring Through Comprehensive Data Access
The recently released Annual Tax and Customs Control Plan for 2025 outlines a strategic shift in how tax authorities will approach crypto-related compliance. While previously limited to collecting balance and transaction information via informal declarations, the agency now has integrated systems that allow real-time monitoring of digital asset movements.
According to the official plan published in the State Official Bulletin (BOE), Hacienda will actively pursue individuals who have engaged in cryptocurrency trading but failed to declare capital gains or income derived from these activities. Specifically, the document states:
"In 2025, control actions will be intensified on taxpayers who have operated with such assets yet did not report income or capital gains arising from their ownership or transfer."
This means any taxpayer who has bought, sold, or exchanged cryptocurrencies without proper disclosure may become a target for audit or investigation.
Alignment with MiCA Regulations and Exchange Reporting
In line with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework, Spain’s tax authority has expanded its oversight to include intermediary platforms—commonly known as crypto exchanges. Entities like Coinbase and Binance, where users store and trade digital assets, are now required to report user transaction data directly to regulators.
Carlos Cuervo, professor at UNIE University, confirms that Hacienda already possesses detailed records of investors using these platforms. This includes personal identification, transaction volumes, and capital gains—information that dramatically improves the agency’s ability to cross-check self-reported tax filings.
Penalties for Non-Compliance: High Fines and Legal Consequences
As digital finance evolves, so do enforcement mechanisms. The Spanish government is taking a firm stance on undeclared crypto assets, introducing steep penalties:
- Fines ranging from 50% to 150% of the value of unreported crypto holdings.
- For undeclared gains exceeding €120,000, non-compliance may be classified as a criminal offense, potentially resulting in prison sentences.
These measures reflect growing concerns over tax evasion in an increasingly decentralized financial landscape.
Despite rising regulation, the crypto market continues to expand rapidly. Since 2023, the global crypto-asset market has surged by 173%, reaching a total market capitalization of €3.16 trillion. Spain ranks as the second-highest adopter of cryptocurrencies in Europe, trailing only the United Kingdom.
According to data from the European Central Bank, 9% of Spanish citizens held digital currencies by the end of 2024—double the adoption rate from just two years prior.
Who Needs to Declare Cryptocurrency Holdings?
Not all crypto holders are required to file additional reports. Here’s a clear breakdown:
- Individuals not obligated to file an annual income tax return (such as students with minimal income) are exempt—unless their crypto gains exceed €1,000.
- If you’ve made any profit, sale, or exchange between cryptocurrencies, you must declare it.
- Simply holding crypto without transacting does not require reporting—unless the total value exceeds €50,000.
“Silence is not an option when there’s movement,” emphasizes Cuervo. “Every trade triggers a reporting obligation.”
Correcting Past Omissions: Rectifying Unreported Crypto Assets
For those who have traded crypto in previous years without declaring it, there is still a path to compliance.
Marta Rayaces, Head of Traditional Investments and Crypto Assets at TaxDown, explains:
“There are established procedures for correcting undeclared assets. You can file either a rectifying declaration—if your original filing caused you financial harm due to omission—or a complementary declaration if you forgot to include profitable assets.”
While taxpayers have up to four years to correct past filings, delays come at a cost:
- A 1% surcharge per month is applied for late complementary declarations.
- This accumulates up to a maximum of 15% after 12 months.
Rayaces strongly advises:
“Keep all transaction receipts and platform statements. Proper documentation is essential for resolving discrepancies quickly and avoiding higher penalties.”
👉 Learn how to track your crypto transactions for accurate tax reporting.
Frequently Asked Questions (FAQ)
Q: Do I need to declare my crypto if I didn’t sell or trade it?
A: Only if the total value of your holdings exceeds €50,000. Passive holding without transactions generally doesn’t require reporting below this threshold.
Q: What happens if I missed declaring crypto gains from two years ago?
A: You can still file a complementary declaration within four years. However, expect a 1% monthly penalty up to 15%, depending on delay length.
Q: Are crypto exchanges sharing my data with Hacienda?
A: Yes. Under MiCA regulations, exchanges operating in the EU must report user transaction data directly to national tax authorities, including Hacienda.
Q: Can I go to jail for not declaring crypto profits?
A: If undeclared gains exceed €120,000, tax evasion may be treated as a criminal act, which could lead to prosecution and potential imprisonment.
Q: How does Hacienda know I own crypto?
A: Through mandatory reporting by exchanges, blockchain analytics tools, and cross-referencing financial data from banks and investment platforms.
Q: Is buying crypto with euros taxable?
A: No—purchasing cryptocurrency isn’t a taxable event. Taxes apply only when you sell, trade, or earn profits from it.
Staying Ahead in a Regulated Crypto Era
As governments worldwide strengthen oversight of digital assets, transparency becomes critical. Spain’s aggressive move aligns with broader EU efforts to bring clarity and accountability to the crypto economy.
Investors must now treat cryptocurrency not just as a speculative asset but as a reportable financial instrument subject to strict fiscal rules. With Hacienda armed with full-year data and exchange-level insights in 2025, proactive compliance is no longer optional—it’s essential.
👉 Stay ahead of global crypto tax changes—start organizing your portfolio today.