Cryptocurrencies for companies: accounting and taxation in Spain

Spanish companies that invest in cryptocurrencies, accept them as payment or use them in their activity have specific tax and accounting obligations. The Corporate Tax (IS) and the PGC establish the framework.

Accounting classification of cryptocurrencies

In 2021, the Institute of Accounting and Auditing (ICAC) published a consultation on the accounting treatment of cryptocurrencies. The main criteria:

As an intangible asset (most common case)

If the company acquires cryptocurrencies for investment or speculation, they are classified as intangible assets (account 205 or others in subgroup 20):

• They are recorded at the acquisition price.
• They are not amortized (indefinite useful life).
• If the market value falls below the book value → provision for impairment (account 690 → charge to results).
• If the value rises → the capital gain is not recorded until the sale (principle of prudence).

As stock (if business object)

If the company is in the business of buying and selling cryptocurrencies (exchange, broker), the following are counted as inventories:

• Valued at cost price (FIFO mandatory according to PGC).
• Changes in value are reflected in the result for the year.

As a means of payment

If the company accepts crypto as regular payment:

• When receiving: income valued at the exchange rate of the day.
• The crypto received is classified as intangible asset or inventory depending on the case.

Corporate Tax (IS)

Profits and losses

The variations in value of cryptocurrencies are accounting results that are included in the IS tax base:

• When selling: The difference between sales price and book value is result.
• Provision for impairment: Tax deductible when the value falls below the cost.
• Reversal of provision: The year in which the value rises again, the provision is reversed and the tax base increases.

Tax rate

SMEs are taxed at 23% (first million base) or 25% general. Large companies at 25%.

Can crypto investment be deducted?

Investment in crypto per se does not generate any additional deduction in IS. Losses are deductible under general rules, without special advantages.

VAT on business operations with crypto

• Crypto purchase and sale: Exempt from VAT (same as for individuals, CJEU ruling 2015).
• Services charged in crypto: VAT is applied to the value in euros of the service. Crypto is the means of payment.
• Exchange fees: If the exchange is Spanish or has an establishment, there may be VAT on its service fees.

Corporate Wealth Tax

Companies are not subject to the Wealth Tax (this applies only to natural persons). But its shareholders can include the value of their stake in the company (which includes crypto) in their IP base.

Withholdings and installment payments

A company that sells cryptocurrencies and generates profits must:

1. Include them in the IS tax base.
2. Make quarterly installment payments (Form 202) if the quota for the last fiscal year was positive.
3. Submit the annual Form 200 of the IS.

Information obligations

Companies that operate in crypto and exceed certain thresholds may be required to:

• Form 172: If they are providers of virtual currency exchange services.
• Model 173: If they custody clients' crypto.

Summary for the CFO

Updated: April 2026 | Fiscal year: 2025