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V0766-21 31 March 2021 · SG de Impuestos Patrimoniales, Tasas y Precios Públicos Criterion in force
IP · token equity

Fiscal classification of 'token equity' depends on rights conferred, not denomination

The consultant asks how to value 'token equity' for Wealth Tax. The DGT responds that denomination is irrelevant; instead, the rights granted by the token must be assessed to determine whether it represents shareholders' capital or another economically valuable asset.

The question raised

Valuation of 'token equity' for Wealth Tax purposes.

The DGT's ruling

To qualify these virtual assets for tax purposes, the powers or rights they grant the holder against the issuer must be examined, regardless of their denomination or whether they are used via blockchain technology. If the token implies participating proportionally in the net equity and results of a legal entity, assuming the risk of the activity, it could be considered an instrument representative of participation in equity. It is not sufficient to call them 'token equity' for them to receive such treatment; an examination of their real rights is necessary.

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