Crypto, Tax Audits and a New Era of Scrutiny
If you thought crypto was still flying under the radar in Spain, think again. The Spanish Tax Agency (AEAT) has dramatically upped its game in 2025, launching a wave of inspections and information requests aimed squarely at anyone who invests in or provides services related to cryptoassets. Whether you’re a seasoned investor or a startup running a crypto platform, this new reality is likely to affect you—and not in subtle ways.
Let’s unpack what’s happening, why it matters, and how you can stay ahead.
The New Rules of the Game
The days of “wait and see” for crypto tax in Spain are over. The AEAT is rolling out a whole suite of new obligations. Now, service providers (even small startups) are being asked for detailed info on user wallets, balances, and movements—both in Spain and abroad. And individuals? Well, the spotlight is now shining firmly on investors of all shapes and sizes.
We’re seeing not only more frequent but also more detailed requests for information, thanks to:
- Modelo 721: For cryptoassets held abroad
- Modelos 172 & 173: For Spanish-based holdings and transactions
- Upcoming EU rules (DAC 8): Even stricter, with a real focus on cross-border transparency
It’s not just about ticking a few boxes on a tax return anymore; the AEAT is actively matching this new data with what’s been declared (or not declared) each year.
What’s at Stake?
So, what does this mean in practical terms?
If you’re a crypto investor in Spain, expect your filings—and even your past positions—to come under closer scrutiny. Capital gains, wallet-to-wallet transfers, staking income, DeFi profits: everything is on the table. And given how volatile crypto values can be, it’s all too easy to find yourself over the Wealth Tax threshold or in scope for the new “Solidarity Tax” without even realizing it.
For crypto platforms and service providers, the burden is equally heavy. Many are simply not prepared for the kind of formal requirements now being imposed. Non-compliance? Fines can add up quickly—hundreds of euros for each missing or inaccurate data point.
If you’ve ever thought, “they’ll never catch this,” it’s time to think again.
Our Take: Proactive Is the Only Sensible Path
Here at Lullius Partners, we’ve been following these developments closely—both with clients and on the policy front. One thing is clear: the time for improvising or playing catch-up is long gone.
What are we telling our clients? Take a proactive approach, not just to tax filing, but to your whole crypto strategy. This means:
- Review everything: Go over your past and present crypto transactions with a fine-tooth comb.
- Regularize early: If something wasn’t declared, better to fix it voluntarily now than deal with an inspection later.
- Get expert advice: Crypto tax is a moving target—don’t rely on generalists or “DIY” platforms.
- Keep records: You’ll need clear records of every transaction, wallet movement, and even the reasoning behind each trade or transfer.
- Stay up to date: The legal landscape is evolving quickly; yesterday’s safe harbor might be today’s compliance risk.
Final Thoughts
We’re entering a new era in Spain: crypto is now firmly in the crosshairs of the tax authorities. The rules are getting tougher, the inspections are getting sharper, and the consequences for falling behind are getting steeper.
At Lullius Partners, our crypto tax lawyers and advisors in Mallorca and Spain are ready to help—whether you’re a private investor, an entrepreneur, or you’re running a digital asset business. If you’re feeling even a hint of uncertainty about your crypto compliance, get in touch with us. As with most things in life (and certainly in tax), prevention is far better than cure.
Lullius Partners – Leading tax law firm in Mallorca (Spain) for cryptoasset compliance and cross-border tax strategy.
