Obligation to declare tokens in Wealth Tax

The Dirección General de Tributos (DGT) has issued a relevant ruling regarding the inclusion of crypto-assets in the taxable base of Wealth Tax. The inquiry addresses the nature of tokens and their tax treatment when contractual limitations on their commercialization exist.

What the DGT has ruled

The body has determined that tokens or crypto-assets representing goods or rights with economic content, of which the taxpayer is the owner, form part of their net wealth. The ruling establishes that the obligation to include them in the Wealth Tax return persists, even if there is a contractual clause preventing the free disposal of said assets.

Regarding the valuation of these assets, the DGT indicates that it must be carried out according to their market price on the tax accrual date, following the provisions of Law 19/1991 on Wealth Tax.

What this means for you

This pronouncement directly affects individuals who possess crypto-assets. If you are the owner of tokens, you must consider that the impossibility of selling or transferring them at a given time does not exempt you from your tax obligation. The administration considers that the economic value of the asset remains in the owner's wealth, regardless of the immediate liquidity that the contract may restrict.

What you should do

When possessing these types of digital assets, it is necessary to:

• Identify all tokens or crypto-assets you possess that have economic content.
• Verify if there are contractual disposal restrictions on your assets.
• Determine the market value of said assets on the tax accrual date for their correct inclusion in the taxable base.

Given the technical complexity of valuing crypto-assets and the particularities of each contract, it is necessary to assess each specific situation to ensure compliance with current regulations.