Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) marks a turning point in the European approach to crypto-assets. For the first time, the European Union has introduced a harmonised framework designed to increase legal certainty, strengthen investor protection, and support financial stability in a sector that has long evolved ahead of regulation.
MiCA categorises crypto-assets into three groups: (i) asset-referenced tokens (ARTs); (ii) e-money tokens (EMTs); and (iii) all other crypto-assets. MiCA categorisation does not apply when the asset already qualifies as a financial instrument under EU law. It also generally excludes fully decentralised crypto-assets with no identifiable issuer, as well as non-fungible tokens (NFTs), unless the token is not genuinely unique.
The regulation has broad territorial reach. It applies to EU-based firms and to non-EU firms that target EU users, giving MiCA practical extraterritorial effect.
In Spain, MiCA has been force since December 2024, with a transitional regime running until July 2026. After that date, authorisation from the National Securities Market Commission (CNMV) becomes mandatory for crypto-asset service providers. Supervisory responsibilities are shared by the CNMV and the Bank of Spain, reflecting the financial and monetary nature of various categories of crypto-assets.
Regarding reporting duties, Spanish residents holding qualifying crypto-assets abroad above EUR 50,000 may have to file Form 721, an annual informational return. This filing does not create tax, but late, missing, incomplete, or inaccurate filings can trigger monetary penalties.
For individuals, crypto gains in Spain are taxed in the savings base according to a tax rate scale that ranges from 19% to 30%, generally using the first in, first out (FIFO) approach. Losses can be offset and carried forward for four years. Staking rewards are generally taxed as investment income unless the activity amounts to a business activity, while mining income is generally taxed as business income. If the mining or exploitation rights are merely leased to a third party, the income is generally treated as movable capital income, taxed in the general base, and usually subject to 19% withholding tax. The tax treatment of airdrops remains unclear and depends heavily on administrative interpretation.
For corporate taxpayers, crypto-assets are typically valued at fair value under Spanish accounting standards. Both realised and unrealised gains are included in the taxable base and subject to corporate income tax. In Spain the general corporate income tax rate is 25%, but regulation provides reduced tax rates for small and medium-sized enterprises (SMEs), and in certain circumstances, the corporate tax rate can be reduced by up to 15%.
MiCA represents a decisive step towards regulatory clarity and market integration in Europe. However, taxation remains fragmented at the national level, creating uncertainty and potential inefficiencies. Bridging this gap will be essential to ensure a coherent and effective framework for the future of crypto-assets in the EU.