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Buying Bitcoin at Bitcoin ATM automatically trigger a tax liability. However, the situation changes when you sell the cryptocurrency, exchange it for another cryptocurrency, use it to pay for goods or services, or earn income from staking, mining, or business activities.
In Spain, cryptocurrencies are generally treated as assets. This means that the method used to execute a transaction—whether through an exchange, an app, a broker, or Bitcoin ATM does not determine how it is taxed. What matters most is what the taxpayer did with the cryptocurrency and whether a gain, loss, or other type of income was realized.
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Last updated: July 10, 2026
This article is for informational purposes only and does not constitute individual tax advice. Tax reporting rules may vary depending on the taxpayer’s tax residence, autonomous community, type of transaction, and individual circumstances.
For an individual, a gain or loss arising from the sale of a cryptocurrency for euros or from exchanging one cryptocurrency for another is generally treated as a capital gain or loss.
This income is included in the savings tax base, or the Spanish “base imponible del ahorro.” The AEAT confirms that both the sale of cryptocurrency for fiat currency and the exchange of cryptocurrency for another cryptocurrency may need to be reported on a tax return.
The most important rules include:
Simply purchasing Bitcoin at Bitcoin ATM cash does not result in a capital gain. The taxpayer is exchanging money for an asset, but has not yet sold it.
However, you should keep your purchase receipts, as you will need them later to calculate your profit or loss. It’s a good idea to note down:
Costs directly related to the acquisition or sale may be relevant in determining the acquisition cost and the sale price.
Selling cryptocurrency at Bitcoin ATM receiving euros in cash may result in a capital gain or loss.
Basically, the calculation goes like this:
taxable income = sales value – purchase value – allowable transaction costs
If the result is positive, a capital gain is realized. If it is negative, a loss is realized.
Example:
The taxpayer purchased Bitcoin for 3,000 euros, incurring an additional 100 euros in costs. He then sold that portion of BTC at Bitcoin ATM 4,000 euros, and the cost of the sale was 120 euros.
Result:
4,000 euros – 3,100 euros – 120 euros = 780 euros in profit.
It is not the entire amount paid out—4,000 euros—that is included in the settlement, but rather the calculated profit of 780 euros.
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For the taxation of income earned in 2025, a progressive tax bracket applies:
Effective January 1, 2025, the maximum rate for the savings base has been raised to 30%.
The tax scale is progressive. This does not mean that the entire profit will be taxed at the highest rate. Different portions of income are taxed according to their respective brackets.
With a profit of 70,000 euros:
Yes. Exchanging Bitcoin for Ethereum, USDT, USDC, or another cryptocurrency is not tax-neutral simply because the taxpayer did not receive euros.
In Spain, such a transaction is treated as an exchange of assets. You must determine the market value of the cryptocurrency received in euros at the time of the exchange and compare it to the acquisition cost of the cryptocurrency being sold.
The AEAT provides for a separate category on the tax return for gains and losses resulting from the sale or exchange of virtual currencies.
Payment in cryptocurrency may be treated as a disposition of an asset.
If a taxpayer purchased BTC for 500 euros and then used it to pay for a service worth 800 euros, a capital gain of 300 euros may result, after taking into account the relevant costs.
For this reason, daily cryptocurrency payments should also be documented.
Losses from the sale or exchange of cryptocurrencies may be offset against other capital gains in accordance with the rules governing the savings allowance.
As a general rule, unused losses may be carried forward for the next four tax years.
However, one should not assume that every reported loss will automatically be recognized by the tax authority. The taxpayer should have supporting documents:
Specific restrictions may apply to transactions between related parties, donations, the loss of private keys, fraud, or sales made solely for the purpose of generating a tax loss.
When selling units of the same cryptocurrency that were purchased at different times, the FIFO ( first in, first out) method is generally used.
This means that the units acquired earliest are treated as the first to be sold.
Example:
For the purposes of calculating the result, the cost of the initial purchase—that is, 3,000 euros—is generally used, rather than the cost of a subsequent purchase.
Therefore, the records should include all purchases, including those made on various exchanges, through apps, and at Bitcoin ATMs.
Transferring cryptocurrency between two wallets belonging to the same person is neither a sale nor an exchange, so it should not, in and of itself, result in a capital gain.
However, you must retain evidence showing that both addresses belonged to the same taxpayer. Otherwise, the tax authority may request clarification as to whether the transfer was a payment, a gift, or a sale.
The network fee should also be reported separately, and its proper tax treatment should be determined.
How staking is taxed depends on the structure of the service and the taxpayer’s role.
Prizes received by an individual may be treated as income from movable capital or other taxable income. The value of a prize is generally determined based on its market value in euros at the time it is received.
A subsequent sale of the tokens received may result in an additional capital gain or loss. In such cases, the cost basis will generally be the amount previously recognized as income.
For regular, organized business activities, the method of accounting may differ from that applied to an occasional investor.
Cryptocurrency mining conducted in an organized manner may be considered a business activity.
In such a case, the taxpayer may be required to:
Expenses may include, among other things, electricity, equipment, depreciation, cooling, hosting, and maintenance, provided they meet tax requirements and are properly documented.
Tokens received without payment—for example, as part of an airdrop—may be considered income at the time they are received.
The value of the revenue is determined based on the market value of the tokens in euros. If the tokens are later sold, you must also calculate the gain or loss between the value recognized upon receipt and the sale price.
How an airdrop is classified may depend on whether the receipt of tokens was related to business activities, the provision of services, or simply the ownership of another asset.
NFT sales can be classified in various ways.
If an individual occasionally sells an NFT they own, the result may be treated as a capital gain or a capital loss.
However, if a taxpayer regularly creates and sells NFTs, provides services, or engages in profit-oriented activities, the proceeds may be considered income from business activities.
Therefore, it is not possible to apply a single rule to all NFT transactions.
Income from employment, business activities, mining, or certain cryptocurrency rewards may be included in the general taxable income rather than in the savings income base.
Tax rates depend on the national and regional components. The autonomous communities set their own thresholds and rates, so the actual tax liability may vary depending on where you live.
The approximate total scale often presented for the general personal income tax base is:
However, these are not uniform rates that apply identically throughout Spain. The final tax liability depends on the regulations of the relevant autonomous community and the taxpayer’s circumstances.
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The mere exchange of traditional currency for Bitcoin or another cryptocurrency used as a means of payment is generally exempt from VAT.
However, this does not mean that all cryptocurrency-related transactions are exempt. VAT may apply to goods or services purchased with cryptocurrency, consulting services, the creation of NFTs, operator activities, or other services.
A distinction must be made between:
Cryptocurrencies owned by a taxpayer as of December 31 may be included in the Spanish wealth tax, known as the Impuesto sobre el Patrimonio.
The AEAT treats cryptocurrencies as intangible assets that must be valued at market value as of the date the tax liability arises.
When determining liability, the following must be taken into account:
The general national tax-free allowance is, as a rule, 700,000 euros, but the autonomous communities may apply different limits and rules.
Regardless of this, a wealth tax return must generally be filed even if the total gross value of assets and rights exceeds 2 million euros, even if no tax is due after applying deductions. The AEAT notes that the obligation to file a return also applies when the calculated tax amount is positive.
It is therefore incorrect to simply state that anyone with assets exceeding 2 million euros will always pay a wealth tax. The 2-million-euro threshold primarily applies to the obligation to file a tax return, while the actual amount of tax depends on the value of net assets, tax credits, exemptions, and regional regulations.
Individuals with very large fortunes may also be subject to Spain’s solidarity tax on large fortunes, known as the Impuesto Temporal de Solidaridad de las Grandes Fortunas.
The tax generally applies to net assets exceeding 3 million euros, subject to the rules provided for by law, deductions, and the relationship with the wealth tax.
In 2026, Form Modelo 718, used to file this tax, was updated.
Cryptocurrencies may increase the value of the assets included in this calculation.
Receiving cryptocurrency as an inheritance or gift may be subject to inheritance and gift tax, known as the Impuesto sobre Sucesiones y Donaciones.
The amount of tax depends, among other things, on:
A single nationwide rate ranging from 7% to 36.5% should not be applied to every case. The actual tax burden can vary significantly from region to region.
A donation may also have tax implications for the donor, as the transfer of an asset may be treated as a sale resulting in a capital gain.
Individuals who are Spanish tax residents report their income, as well as capital gains and losses, on their annual IRPF tax return, known as Modelo 100.
The form must include, among other things, gains and losses resulting from the sale of cryptocurrencies for cash and from exchanging one cryptocurrency for another.
Each transaction should be calculated based on the acquisition value and the sale value. The AEAT has a special section on the sale and exchange of virtual currencies.
Do not base the instructions on the specific field numbers from older versions of the form, as the layout and numbering of the fields may vary from one tax filing season to another.
Property tax is reported using Form 714.
Cryptocurrencies must be reported at their market value as of December 31 of the given year if the taxpayer is required to file this tax return.
For the 2025 tax year, the filing period for the property tax return ran from April 8 to June 30, 2026.
Form 721 is an information return regarding virtual currencies held abroad.
This may apply, among other things, to cryptocurrencies held by a foreign service provider that secures private keys on behalf of the customer.
The reporting obligation generally arises when the total value of reportable cryptocurrencies exceeds 50,000 euros.
Model 721 does not automatically apply to every wallet. Among other factors, it is important to consider who holds and secures the private keys and where the entity providing the storage service is located.
A hardware wallet or a self-custody app, in which the user alone controls the private keys, may be treated differently than an account with a foreign custodian.
The declaration must be filed between January 1 and March 31 of the year following the year to which the information relates.
After the initial filing of Form 721, the filing requirement does not necessarily apply every year. However, it may arise, among other circumstances, if the value increases by more than the limit specified in the regulations, the owner’s status changes, or the taxpayer no longer holds the previously reported assets.
Form 720 is used to report certain assets and rights located abroad, such as bank accounts, securities, or real estate.
Cryptocurrencies held abroad are no longer reported under the “no-form” rule. A separate Form 721 has been created for them.
A taxpayer who holds bank accounts, traditional investments, real estate, and cryptocurrencies abroad may therefore be subject to various reporting requirements at the same time.
Form 172 and Form 173 are informational returns filed primarily by entities that provide certain cryptocurrency-related services.
Form 172 pertains to information on virtual currency balances, while Form 173 covers specific cryptocurrency transactions.
Generally, ordinary investors do not file these forms simply because they bought or sold Bitcoin. The obligations primarily apply to operators, exchanges, custodians, and other entities listed in the regulations.
The Spanish tax year runs from January 1 to December 31.
Income earned in a given year is reported during the tax filing season of the following year.
For income earned in 2025, the Renta 2025 campaign ran from April 8 to June 30, 2026.
The deadline should not always be described solely as “by June 30,” because the exact dates may vary from year to year. Additionally, an earlier deadline may apply to taxpayers who wish to pay their taxes via direct debit.
It is not citizenship that matters, but tax residency and the applicable double taxation treaties.
A person may be considered a Spanish tax resident if, among other things:
As a general rule, a resident of Spain reports their worldwide income there, including a portion of income from cryptocurrencies earned through foreign exchanges or Bitcoin ATMs.
A person with ties to both Poland and Spain should also review the Polish-Spanish double taxation treaty.
A Bitcoin ATM user Bitcoin ATM keep:
Not having a stock exchange account does not mean that a cash transaction is invisible or exempt from settlement.
Bitcoin ATMs operators Bitcoin ATMs regulations regarding anti-money laundering, customer identification, transaction monitoring, and the retention of certain data.
The scope of verification depends on the operator, the transaction amount, the procedure used, and current regulations. The platform may require, among other things, a phone number, an ID, a facial scan, or additional confirmation of the funds' origin.
It is incorrect to state that the data collected by the operator “is never shared with the government.” The operator may be required to disclose information to the relevant authorities pursuant to laws, inspections, proceedings, or a request from an authorized institution.
The use of cash does not exempt one from tax obligations or AML obligations.
The MiCA Regulation harmonizes certain rules governing the operations of cryptocurrency service providers in the European Union. It primarily addresses licensing, business organization, customer protection, and the obligations of crypto-asset service providers.
However, MiCA does not replace the Spanish income tax or obligations to the AEAT.
The DAC8 Directive extends the European exchange of tax information to include cryptoassets. Member States are to apply its provisions starting January 1, 2026, and the first data exchange will cover information collected for the year 2026.
This means an increase in the automatic reporting of data on cryptocurrency users and transactions between service providers and the tax authorities of European Union member states.
As a general rule, the following do not, in and of themselves, give rise to income tax:
However, the absence of income tax does not mean there are no other obligations. Simply holding cryptocurrency may have implications for the wealth tax or Modelo 721.
No. For tax purposes, what matters is the nature of the transaction, not the type of device.
Buying BTC at Bitcoin ATM essentially treated the same as buying it on an exchange. Selling BTC for euros at Bitcoin ATM essentially treated the same as selling it on an online platform.
The main difference lies in the documentation. Exchanges typically provide a transaction history, whereas Bitcoin ATM users Bitcoin ATM responsible for keeping track of receipts, exchange rates, wallet addresses, and transaction IDs on their own.
Purchasing cryptocurrency at Bitcoin ATM Spain generally does not result in income tax. However, tax may be due when selling for euros, exchanging for another cryptocurrency, paying for goods or services, or generating additional income from digital assets.
A private investor’s profits are typically included in the savings base and are taxed at progressive rates ranging from 19% to 30%. Cryptocurrencies may also be subject to wealth tax, inheritance and gift tax, and the reporting requirement under Form 721.
The most important thing is to keep accurate records of all purchases, sales, exchanges, fees, and transfers. This also applies to cash transactions made at Bitcoin ATMs.
