The Directive (EU) 2023/2226 — commonly known as DAC8 — marks the most consequential shift in crypto-asset tax enforcement since Spain introduced Modelo 721. From **1 January 2026**, crypto-asset exchanges and platforms established in the EU must automatically report their clients' transaction data to tax authorities, who will then share it across EU member states. For Spanish crypto investors, this fundamentally changes the risk calculation of non-disclosure.
From Voluntary Disclosure to Automatic Reporting: The Structural Change
Until now, Spain’s crypto-asset tax regime depended primarily on voluntary compliance: taxpayers were required to declare gains in their IRPF or Corporate Income Tax return and file Modelo 721 if they held more than €50,000 in foreign exchanges. Enforcement relied on the AEAT issuing specific information requests to exchanges, a limited and reactive process.
DAC8 replaces this model with a CRS-style automatic exchange system, identical in design to the Common Reporting Standard that has operated for bank accounts since 2017 under DAC2. From 2026, every CASP (Crypto-Asset Service Provider) established in an EU member state automatically becomes an “obligated reporter” — analogous to how banks operate under CRS — without any need for the AEAT to request information. The exchange is annual, automatic, and comprehensive.
Scope: Which Assets and Platforms Are Covered
DAC8 covers specified crypto-assets: digital representations of value or rights that can be transferred and stored electronically using distributed ledger technology, excluding EU central bank digital currencies (CBDCs) and fiat currency itself. In practice this includes:
- All major cryptocurrencies (BTC, ETH, XRP, SOL, and the full market)
- Utility tokens with market value
- E-money tokens (stablecoins like USDC, USDT, EUROC under MiCA)
- Asset-referenced tokens backed by multiple assets or currencies
- Reportable NFTs (those used as investment instruments with significant market value)
CASPs subject to reporting include: centralised exchanges (CEX), OTC desks, custody platforms, wallet providers offering custody services, and — to the extent they are registered/regulated — certain DeFi platforms providing custody-equivalent services.
What Data Gets Reported
For every client resident in an EU member state, the CASP reports annually:
Identifying information:
- Full name, registered address, date of birth
- Tax Identification Number (NIF/TIN) and country of residence
- Classification as individual or entity
Transaction data:
- Total consideration received (in euros) from selling, exchanging or transferring each type of specified crypto-asset per quarter
- Number of units transferred in each direction (sent/received)
- Aggregate retail payment transactions (if any)
Balance data:
- Market value in euros and number of units per crypto-asset type held at 31 December
Fees:
- Aggregate fees paid to the CASP
The technical standard uses the OECD XMLschema already operational for CRS reporting.
CARF: The Global Extension
In parallel to DAC8 within the EU, the OECD approved the Crypto-Asset Reporting Framework (CARF) in November 2022 as a global standard for automatic information exchange on crypto-assets between non-EU jurisdictions. CARF operates through bilateral or multilateral agreements between competent authorities (MCAA-style), following the CRS model.
Key CARF commitments by major exchange jurisdictions:
| Jurisdiction | CARF Start Year |
|---|---|
| United States | 2026 |
| United Kingdom | 2026 |
| Cayman Islands | 2026 |
| Switzerland | 2026 |
| UAE | 2027 |
| Singapore | 2027 |
This means that Spanish taxpayers who have operated exclusively in non-EU exchanges (Coinbase, Kraken, Binance US) to avoid EU reporting will find that information reaching the AEAT through CARF within 12-24 months of DAC8 going live in Europe.
What the AEAT Will Cross-Reference
Once the AEAT receives DAC8 data for a Spanish-resident taxpayer, it will systematically cross-reference it with:
For individuals:
- IRPF declaration (D-100): capital gains declared in the savings base from crypto disposals
- Capital income declared from staking, lending, yield farming
- Modelo 721 filed: balances declared versus balances reported by exchanges
- Any mismatch between reported disposals and declared gains triggers a comprobación limitada
For companies:
- Corporate income tax return: crypto-assets carried on the balance sheet, their accounting value versus reported market value
- Income recognition from crypto-asset disposals or appreciation
Cross-checks across years:
- The AEAT will be able to reconstruct gain/loss calculations from exchange data and compare against declared amounts, potentially going back the full 4-year inspection period (6 years for concealment cases)
Obligations for CASPs (Exchanges and Platforms)
CASPs established or operating in Spain must:
- Implement DAC8-compliant KYC procedures to collect the required data from all EU-resident clients by 1 January 2026
- Create and maintain an obligated reporter file with the AEAT
- File the annual DAC8 report with the AEAT by 31 January of the year following the reporting period (first report: 31 January 2027, for the 2026 reporting year)
- Notify clients of the data reported and their tax obligations
Failure to comply with CASP reporting obligations carries penalties of up to €600,000 per serious infringement under the LGT and the transposing legislation.
The Voluntary Regularisation Window: Why It Closes in 2026
For investors who have not correctly declared crypto-assets in prior years, the opportunity to regularise on favourable terms is time-limited:
Voluntary regularisation before AEAT initiates proceedings:
- Late-filing surcharge of 1% per month up to 12 months, 15% thereafter, plus interest on the tax due
- No proportional penalty on the tax shortfall
- No criminal risk
After AEAT opens a verification procedure (triggered by DAC8 cross-reference):
- Proportional penalties of 50%–150% of the tax shortfall
- For amounts exceeding €120,000, potential criminal liability under Art. 305 of the Spanish Criminal Code (up to 5 years imprisonment)
- Repayment of full tax shortfall plus interest plus penalty — total cost may be 3-4x the original tax due
The practical consequence: taxpayers who voluntarily file corrective IRPF returns and Modelo 721 declarations before the end of 2025 pay only the overdue tax plus a limited surcharge. Those who wait for the AEAT to act on DAC8 data face a dramatically worse outcome.
Practical Steps for Crypto Investors
- Audit all prior years: Identify every exchange and wallet used and compile a complete transaction history
- Calculate gains under FIFO: Spanish law requires the FIFO method — calculate acquisition cost for each disposal in chronological order
- Check Modelo 721 filing requirements: If you held more than €50,000 in foreign exchanges at 31 December in any year since 2023, Modelo 721 was mandatory
- File corrective declarations promptly: Voluntary regularisation before January 2026 carries only surcharges, not penalties
- Implement tracking going forward: Use crypto tax software to automatically generate compliant IRPF and Modelo 721 data
BMC’s digital asset tax team has extensive experience in crypto-asset compliance and voluntary regularisation. Learn about our crypto taxation services.
