SPAIN Law and Practice Contributed by: Alfonso López-Ibor Aliño, Olivia López-Ibor Jaume and Victoria Moreno Motilva, López-Ibor Abogados
decision-making and to classify financial products according to their environmental and/or sustainability characteristics. Where crypto-assets are held within funds or structured products, these ESG obligations apply at the level of the regulated product and its man- ager, rather than to the crypto-asset itself. Environmental considerations are increasingly rel- evant in supervisory practice, particularly in relation to the energy consumption associated with certain blockchain consensus mechanisms. While the shift of major networks towards proof-of-stake has reduced some concerns, environmental impact remains part of institutional due diligence and risk assessment. MiCA introduces the first crypto-specific sustainability disclosure requirements at EU level, requiring issu- ers and crypto-asset service providers to disclose information on the principal adverse environmental and climate impacts of the crypto-assets they offer or admit to trading. These obligations are primarily transparency-based and do not currently impose min- imum sustainability thresholds or prohibit particular consensus mechanisms. However, they represent a significant first step towards integrating ESG consid- erations into the EU regulatory framework applicable to digital assets and crypto-asset markets. 1.2.4 Tax The Spanish tax regime has progressively adapted to digital assets, though it continues to rely on general tax principles rather than a bespoke framework. The Spanish Tax Authority (AEAT) treats crypto-assets as assets with economic value, subject to capital gains tax, corporate income tax, and wealth tax depending on the taxpayer’s profile. Disposals – including crypto- to-crypto exchanges – are treated as taxable events, a position that is not uniform across EU jurisdictions. Recent developments have focused on reporting and transparency. Spain has introduced Form 721 for disclosure of crypto-assets held abroad, alongside enhanced reporting obligations for domestic service providers under the EU DAC8 framework, which is expected to significantly expand the exchange of information on crypto-asset transactions across member states.
Significant uncertainties nonetheless persist. The tax treatment of staking rewards and yield-generating activities remains unsettled, particularly in relation to whether returns should be characterised as capital income or ordinary income. Participation in DeFi pro- tocols raises further questions regarding the timing and identification of taxable events. NFTs also present classification challenges depending on their econom- ic substance, as their treatment may vary depend- ing on whether they function as collectibles, financial instruments, or access rights. Valuation methodol- ogy remains a key issue given price volatility and the absence of standardised guidance. 1.2.5 Insolvency Spain has no dedicated insolvency or resolution regime for blockchain-based businesses or crypto- asset service providers. Accordingly, digital asset firms are generally subject to the ordinary insolvency framework under the Spanish Insolvency Law ( Ley Concursal ), including the same restructuring, winding- up, and bankruptcy procedures applicable to other commercial entities. The application of these general rules to crypto-asset businesses nonetheless raises distinctive challenges. The central issue concerns the treatment of digital assets within the insolvency estate: where private keys are held by the insolvent entity, determining control over and access to the relevant assets can be particularly challenging in practice, especially in the absence of a centralised registry. While MiCA introduces harmonised safeguarding and organisational obligations for authorised CASPs, Spain has not established a separate resolution regime comparable to those applicable to credit institutions or investment firms. 1.2.6 Industry and Trade Bodies There are several industry associations and trade organisations in Spain representing participants in the crypto-asset and digital asset ecosystem, although the sector remains relatively fragmented and does not have a single self-regulatory body with formal super- visory powers comparable to those found in more established financial industries.
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