Chapter 1First things first
This guide is general guidance for Spanish tax residents and is not tax advice. Rules change and every case is different. Consult a tax adviser before filing.
Chapter 2When there may be something to declare
- Buying USDC with euros produces no gain.
- Investing USDC in a round swaps one crypto-asset for another; if the USDC has not changed value in euros the difference is usually tiny, but the euro/dollar rate can create one.
- Receiving USDC back through a refund, withdrawal or referendum distribution may produce a gain or loss against what you paid.
- Selling USDC for euros on an exchange.
- Receiving rewards with economic value.
Chapter 3How it is usually taxed
Gains and losses from transferring crypto-assets are usually included in the savings base of Spanish income tax, taxed in brackets (19% to 30% under the rules in force when this guide was written). Losses can offset gains of the same type, with limits. If you hold crypto-assets kept by third parties outside Spain worth over €50,000, Form 721 may apply; with the Krows wallet, you hold custody yourself.
Chapter 4What to keep and what Krows gives you
- Date, amount in USDC and euros, and the transaction for every operation.
- The investment receipts we email you.
- In Settings › Privacy and data, “Download your data” gives you a file with your investments, votes and refunds for your adviser.
- Everything can be checked on the blockchain with your address.
Krows does not issue tax certificates because it does not take part in your operations: it holds no money and executes no orders.
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