Cryptocurrency and NFT taxation involves specific obligations and requirements in Spain. Here's what you need to know:

Tax Obligations

• All cryptocurrency transactions, including buying, selling, and profits, must be declared
• Activities like trading, exchanging, and staking affect your income tax (IRPF) differently
• Keep detailed records of all transactions to avoid penalties

Required Tax Models

• Model 172: For crypto operations by Spanish residents
• Model 173: For declaring balances in exchanges and centralized platforms
• Model 721: For crypto assets held abroad (pending regulatory development)
• Model 720: For non-cryptocurrency foreign assets above certain thresholds

Key Considerations for Different Activities:

Trading and Exchange:

• Capital gains must be reported
• Profits are calculated as the difference between purchase and sale price
• Losses can offset gains within the same tax year

Mining:

• Considered economic activity
• Requires registration as self-employed in most cases
• Income must be declared as business activity

NFTs:

• Treated similarly to cryptocurrencies for tax purposes
• Both creation and trading are taxable events
• Gains are calculated based on purchase and sale values

Important Tips:

• Maintain detailed transaction records
• Consider consulting a tax professional
• Report all holdings even without profits
• Stay updated with changing regulations
• Submit declarations within required timeframes

By following these guidelines and maintaining proper documentation, you can ensure compliance with Spanish cryptocurrency tax regulations while avoiding potential penalties.

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