Increasingly entrepreneurs and self-employed in Spain they use cryptocurrencies to charge for their services, pay suppliers or invest. However, along with the opportunities offered by the cryptoassets, new and strict regulations have arrived tax obligations which is essential to know to avoid penalties from the Treasury.

In Ilcoworking We want you to be clear about what the law requires, how to declare your cryptocurrency transactions, and what steps to follow to keep your activity 100% % legal and tax-optimized.

Cryptocurrency tax obligations for self-employed individuals and entrepreneurs

Since 2023, the Tax Agency has strengthened its control over cryptocurrencies. If you work as a self-employed or manage your own business, these are the key statements that may affect you:

Form 721 – Ownership Abroad

  • Mandatory declaration if you have cryptocurrencies stored outside of Spain with a value greater than 50.000 € December 31st.
  • You will only have to resubmit it if that balance increases by more than €20,000 compared to the last balance declared.
  • Submission deadline: from January 1 to March 31 of the following year.

Form 172 – Balances on Spanish platforms

  • Applies if you work with Spanish platforms that hold cryptocurrencies on your behalf.
  • Declare the balance as of December 31, with valuation in euros and identifying data.

Form 173 – Cryptocurrency Transactions

  • If you make purchases, sales, exchanges, or transfers of cryptocurrencies through an intermediary, these transactions must be declared in detail: type, date, value in euros, and counterparty.

Taxation of cryptocurrencies in your professional activity

As a self-employed person or entrepreneur, the profits or losses derived from cryptocurrencies They are included in your income tax return as income from economic activity or capital gain.

Regarding VAT:

  • The exchange of cryptocurrencies for euros is VAT exempt.
  • If you sell a product or service and charge in cryptocurrency, Yes, you must apply VAT as in any other sale.

How to declare cryptocurrencies without errors

To avoid sanctions, it is essential:

  1. Record all transactions with date, value in euros and counterpart.
  2. Save receipts of exchanges, wallets and receipts.
  3. Always value in euros the day of the operation.
  4. Submit the models on time to avoid surcharges.
  5. Correctly include profits in your annual statement.

Penalties for non-compliance with the Treasury

The Treasury imposes high penalties:

  • Failure to submit Form 721: fine of €5,000 per piece of data, minimum 10.000 €.
  • Submit it late or with errors: €100 per piece of data, minimum 1.500 €.
  • In addition, interest, surcharges, and possible inspections may apply.

How Ilcoworking can help you

In Ilcoworking we help to self-employed and entrepreneurs to fulfill all your tax and legal obligations related to cryptocurrencies:

  • Personalized advice on how to declare your crypto assets.
  • Filing of forms 721, 172, and 173 without errors or delays.
  • Tax optimization to legally reduce your tax burden.
  • Defense against inspections and requirements from the Treasury.

Declaring cryptocurrency transactions is no longer an option: it is a tax obligation that the Treasury monitors with increasing attention. Whether you are autonomous As if you run your own business, complying with regulations not only prevents penalties, but also allows you to work safely and project a solid professional image.

In Ilcoworking We understand that the world of cryptocurrencies can seem complex and ever-changing. That's why we have a dedicated team at your disposal to help you. all your tax and legal obligations, from filing information forms to optimizing your taxation.

If you want to trade cryptocurrencies worry-free and with the peace of mind of knowing you're doing things right, trust our experts. Find out how we can help you in our section. Legal Services and takes a firm step towards safe and efficient business management.