Doctrine by topic · DGT Observatory

Virtual Currencies: DGT doctrinal evolution

How the DGT's position on this topic has evolved, and the rulings it rests on.

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How the DGT's position has evolved

Settled doctrine High confidence 20 rulings · 2018–2026

Current position

The obligation to report via Form 721 is triggered when the balance of virtual currencies abroad, held by third parties, exceeds 50,000 euros. Cryptocurrencies in self-custody wallets do not require this information form. For the valuation of interests in LLCs, the Wealth Tax rules for unlisted entities apply.

The DGT's position has moved from defining the nature of virtual currencies and their treatment in Wealth Tax (V0590-18) to detailing the mechanics of swaps (V0999-18). Subsequently, the doctrine has focused on delimiting the scope of Form 721, distinguishing between third-party custody and self-custody (V2290-23).

Turning points

  1. V2290-23

    Establishes that if the holder maintains control of the private keys, the currencies do not count towards the reporting obligation for third-party custody.

  2. V1012-25

    Clarifies that valuation variations during the year are irrelevant for determining whether the 50,000 euro limit for Form 721 is exceeded.

Analysis based on 17 of 20 rulings with a stated position. Updated 25 September 2026.

Rulings on this topic

20
V0848-26 21 Apr 2026

Duty to report ownership in foreign LLCs and overseas crypto custody

SG de Tributos
limited liability companymonedas virtualesmodelo 720modelo 721autocustodia LGT — Ley 58/2003 General Tributaria art. disposición adicional decimoctavaRGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter
Affects CompanyExpat · Non-residentIndividual
V0491-26 3 Mar 2026

Crypto sale profits taxed as savings income and calculated by asset type

SG de Tributación de las Operaciones Financieras
ganancias patrimonialesrenta del ahorromonedas virtualesbienes inmaterialesvalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 2LIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual
V0666-25 14 Apr 2025

Cryptocurrencies not considered actions or shares for residency gain regime

SG de Tributación de las Operaciones Financieras
ganancias patrimonialescambio de residenciamonedas virtualescriptoactivosacciones o participaciones LIRPF — Ley 35/2006 del IRPF art. 95.bisLGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V0315-24 5 Mar 2024

Cryptocurrencies held in non-custodial wallets do not need to be declared

SG de Tributos
monedas virtualescustodia de criptoactivosmodelo 721modelo 720wallets no custodios LGT — Ley 58/2003 General Tributaria art. disposición adicional decimoterceraLGT — Ley 58/2003 General Tributaria art. disposición adicional decimoctava
Affects CompanyExpat · Non-residentIndividual
V0215-24 27 Feb 2024

Clients must be identified in crypto operations regardless of amount

SG de Tributación de las Operaciones Financieras
monedas virtualesmoneda fiduciariadeclaración informativaobligación de informarsujetos intervinientes LIRPF — Ley 35/2006 del IRPF art. DA 13.7RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 39 ter
Affects CompanyExpat · Non-residentIndividual
V2616-22 23 Dec 2022

Regulatory framework for reporting foreign cryptocurrencies still pending

SG de Tributación de las Operaciones Financieras
criptomonedasmonedas virtualesbienes inmaterialesganancias patrimonialesobligación informativa LIRPF — Ley 35/2006 del IRPF art. 33.1LGT — Ley 58/2003 General Tributaria art. disposición adicional decimoctava
Affects CompanyExpat · Non-residentIndividual
V2520-22 7 Dec 2022

Cryptocurrency exchanges generate capital gains or losses

SG de Tributación de las Operaciones Financieras
criptomonedaspermutaganancia patrimonialvalor de mercadobase imponible del ahorro LIRPF — Ley 35/2006 del IRPF art. 2LIRPF — Ley 35/2006 del IRPF art. 14.1.c
Affects CompanyExpat · Non-residentIndividual
V2412-22 22 Nov 2022

Cryptocurrency gains taxed at time of delivery, regardless of cash receipt

SG de Tributación de las Operaciones Financieras
monedas virtualesganancias patrimonialesimputación temporalentrega de bienesbienes inmateriales LIRPF — Ley 35/2006 del IRPF art. 2LIRPF — Ley 35/2006 del IRPF art. 14.1.c
Affects CompanyExpat · Non-residentIndividual
V1604-18 11 Jun 2018

Currency exchange fees count towards Bitcoin profit or loss calculation

SG de Tributación de las Operaciones Financieras
ganancias y pérdidas patrimonialesvalor de adquisiciónvalor de transmisiónbienes homogéneosmonedas virtuales LIRPF — Ley 35/2006 del IRPF art. 2LIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual
V0808-18 22 Mar 2018

Gains or losses from virtual currency sales are recognised upon delivery

SG de Tributación de las Operaciones Financieras
ganancias y pérdidas patrimonialesimputación temporalmonedas virtualestransmisióntradición LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 14.2.c
Affects CompanyExpat · Non-residentIndividual
V0590-18 1 Mar 2018

Bitcoin and cryptoassets must be declared in Wealth Tax at euro value

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
criptomonedasmonedas virtualesprecio de mercadodevengomedios de pago LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 24LGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual

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