Crypto Tax Spain 2026: DAC8, Modelo 721, and How to Declare on Modelo 100

2026 marks a significant shift in how Spain enforces crypto tax compliance. DAC8 — the EU directive requiring crypto exchanges to automatically report user data to tax authorities — came into force on January 1, 2026. If you are a Spanish tax resident with crypto holdings, the era of unreported gains is effectively over. Here is what you need to know before you file your 2026 Modelo 100.

What is DAC8?

DAC8 (Directive on Administrative Cooperation, 8th amendment) is an EU-wide framework that extends tax information sharing to crypto-asset service providers. From January 2026, any exchange registered in the EU that serves Spanish tax residents must collect, verify, and automatically transmit client account data to the Spanish tax authority (AEAT).

This includes: transaction history, portfolio balances at year-end, gains and losses, and identity information. AEAT will have this data before you file your Modelo 100. The practical implication: any discrepancy between what the exchange reports and what you declare will be flagged automatically.

Two separate obligations: Modelo 100 and Modelo 721

Spanish residents with crypto assets face two distinct reporting requirements, and confusing them is one of the most common mistakes we see:

Modelo 721 is an informational declaration only — it does not generate a tax bill by itself. But failing to file it when required carries a minimum penalty of €10,000 per missed declaration. The 2026 deadline for 2025 holdings has already passed (March 31, 2026). If you missed it, you should seek advisory guidance on voluntary regularisation options.

How to declare crypto gains on Modelo 100

Crypto asset gains and losses are reported in the ganancias y pérdidas patrimoniales (capital gains and losses) section of Modelo 100. The key principles:

• Taxable event = disposal. A taxable event occurs each time you sell, exchange, or use crypto. Holding crypto is not taxable — only the disposal triggers a gain or loss.
• Gain = sale price minus acquisition cost. Spain uses a FIFO (first-in, first-out) method by default — the first crypto you acquired is treated as the first sold.
• Crypto-to-crypto swaps are taxable. Exchanging Bitcoin for Ethereum is a taxable event in Spain. The market value at the time of the swap determines the gain.
• Using crypto to pay for goods or services is taxable. If you paid for a holiday with Bitcoin, that is a disposal at the day's market price.

Tax rates on crypto gains (2026)

Crypto gains are taxed as part of the base imponible del ahorro (savings tax base) at the following rates:

Rates are for the savings tax base (capital gains). Other crypto income types (staking, mining) may be taxed differently — see below.

NFTs: how are they taxed?

Spain does not yet have specific legislation for NFTs, but the general framework for crypto assets applies. The sale or exchange of an NFT at a profit generates a capital gain, reported on Modelo 100 in the same section as other crypto gains.

The more complex question is creator royalties — income received each time an NFT you created is resold. AEAT has not issued formal guidance, but the emerging consensus among tax advisors is that recurring royalties are more likely treated as income from economic activity (similar to self-employment) rather than capital gains. This means they would be taxed at IRPF progressive rates rather than savings rates — a potentially significant difference for prolific NFT creators.

DeFi and staking income

Income from decentralised finance (DeFi) and staking is an area of active development in Spanish tax guidance. The current framework treats these as follows:

• Staking rewards: Generally treated as rendimientos del capital mobiliario (income from movable capital) — taxed at savings rates (19%–28%) at the time of receipt, based on the market value of the tokens received.
• Yield farming / liquidity mining: Similar treatment to staking in most cases — income recognised at receipt. However, if you are providing liquidity professionally or at significant scale, AEAT may treat it as economic activity.
• Lending income: Interest earned from lending crypto on platforms like Aave is treated as income from movable capital.
• Airdrops: Generally taxable at the market value when received. Whether as income or capital gain depends on the nature of the airdrop — this is still a grey area.

Common mistakes — and what they cost

In the consultations we conduct on crypto tax, these are the situations that come up most often:

• Not tracking cost basis. If you cannot document what you paid for your crypto, you cannot calculate your gain accurately. With DAC8, AEAT has the sale data — if you cannot provide the acquisition data, you may end up taxed on the full sale value.
• Missing Modelo 721. Many expats do not know this form exists. Penalty: minimum €10,000 per year missed. The 2025 deadline was March 31, 2026.
• Treating all crypto income as capital gains. Staking, mining, and yield farming income is taxed differently from capital gains. The wrong categorisation can mean both underpaying and overpaying in different areas.
• Not declaring crypto-to-crypto swaps. The common misconception that swaps are not taxable until you "cash out" to fiat. In Spain, every disposal is a taxable event.
• Assuming foreign exchange data won't reach AEAT. DAC8 has changed this. Non-EU exchanges are outside DAC8's scope, but AEAT is increasingly using other information-sharing frameworks and random audits.

When to get advisory guidance

If you have significant crypto activity — multiple transactions, staking income, DeFi participation, or holdings above €50,000 in foreign wallets — a consultation before you file is time well spent. The cost of an incorrect declaration, or a missed Modelo 721, significantly exceeds the cost of getting it right the first time.

We advise on your specific situation: which events are taxable, how to calculate gains correctly, which forms you need to file, and what voluntary disclosure options exist if you have missed prior declarations.