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Gains and losses from cryptocurrency transactions must be declared in the income annual tax report. Here are some relevant points:

• Type of income: Gains from cryptocurrency trading are considered capital gains and are subject to tax. The gain is calculated by subtracting the acquisition value from the sale price.
• Mandatory declaration: Even if you haven’t converted the cryptocurrency into euros, exchanging between different cryptocurrencies is also considered a sale for tax purposes (known as a swap).
• Loss compensation: If you had losses in a transaction, you can offset them against gains obtained in the same tax year or in the following four years.

Modelo 720: If you hold cryptocurrencies outside Spain and their value exceeds €50,000, you must also declare them via Modelo 720.