Hacienda targets crypto, 150% fines

Spain’s tax agency is putting cryptocurrencies under closer scrutiny in the 2025 income-tax campaign, according to reports published on May 18 by El Periódico and Mundo Deportivo. The coverage said tax advisers are warning taxpayers to review Bitcoin sales, staking income, losses, wallets and the exchanges they used before filing. Mundo Deportivo said penalties for undeclared crypto-related tax due can reach 150% of the unpaid amount in the most serious sanction cases. ### Which crypto items are drawing the most attention in this year’s filing? El Periódico said the main trouble spots are not limited to simple trading gains. The paper said advisers are flagging errors around Bitcoin, staking, capital losses, wallets and exchanges, as well as the separate foreign-asset reporting obligation tied to Modelo 721 for certain crypto held abroad. (mundodeportivo.com) Modelo 721 is a filing separate from the annual income-tax return. An El Periódico report published on March 1 said people holding crypto abroad must file Modelo 721 by March 31, 2026, and said the form covers cryptoassets deposited with foreign exchanges or wallets managed by foreign companies. (elperiodico.com) ### Where does the 150% figure come from? Mundo Deportivo said Spain’s tax administration can impose fines of up to 150% of undeclared tax due in crypto-related cases. That figure matches the upper end of Spain’s general sanction framework for serious tax infractions under the General Tax Law, as published in the BOE, Spain’s official state gazette. (elperiodico.com) The 150% number does not mean every crypto mistake triggers the maximum penalty. The cited reporting describes it as a ceiling for egregious cases involving undeclared tax quotas, not as an automatic fine for every omission or calculation error. (mundodeportivo.com) ### Why are crypto holders getting more attention now? Mundo Deportivo said the Agencia Tributaria is increasing pressure on virtual currencies as part of a broader effort to monitor newer or less transparent income streams. A separate Mundo Deportivo report published in April said the government would send notices to 3.5 million taxpayers over issues including online sales, rental income and cryptocurrencies during the tax campaign. (mundodeportivo.com) El Periódico has also reported repeatedly on crypto-related warnings in recent tax seasons. Its earlier coverage said the complexity often comes from taxpayers using multiple brokers or platforms and then failing to reconcile gains, losses and holdings correctly before filing. ### What is the practical risk for a taxpayer? (mundodeportivo.com) Crypto tax problems in Spain can arise at two levels. One is the income-tax return itself, where gains, losses or staking-related income may be omitted or misclassified. The other is foreign-asset reporting, where crypto held through non-Spanish providers may trigger Modelo 721. (elperiodico.com) The reporting does not indicate a new crypto-specific penalty law took effect on May 18. The immediate development is heightened enforcement and more explicit warnings during the current filing season, with media reports pointing taxpayers toward the areas Hacienda is reviewing most closely. (elperiodico.com) ### What happens next in the campaign? Spain’s Renta 2025 campaign is now open through June 30, according to the Agencia Tributaria’s Renta portal. Taxpayers with crypto activity this year are being directed by the press coverage to review transaction histories, staking income, realized losses and any foreign-held balances before that deadline. (agenciatributaria.es) (mundodeportivo.com)