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V2034-18 9 July 2018 · SG de Impuestos sobre el Consumo Criterion in force
IVA · minado de criptomonedas

Cryptocurrency mining activities are not subject to VAT and related financial services are exempt

A company has requested a ruling regarding VAT treatment for cryptocurrency mining, trading, advisory, and research activities. The DGT has determined that mining is not subject to VAT, financial and brokerage services are exempt, and advisory services are subject to the standard rate.

The question raised

Taxation of such activities for Value Added Tax purposes.

The DGT's ruling

Cryptocurrency mining is not subject to VAT because there is no direct relationship between the service and the consideration received. Traditional foreign exchange services for bitcoin and vice versa, as well as mediation in the purchase and sale of cryptocurrencies, are exempt pursuant to Article 20.One.18 of Law 37/1992. Advisory and research services in blockchain networks are subject to VAT at the general rate of 21%.

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