DAO governance tokens in Spain: how UNI, AAVE, MKR and others are taxed

Governance tokens like UNI, AAVE and MKR have specific tax implications. Guide for Spain.

Equipo kointax·October 11, 2026·4 min read

DAO governance tokens in Spain: taxation

Acquisition:

Purchase: no tax event. Cost = purchase price.
Airdrop: capital income at market value when received (UNI, 1INCH, dYdX historical examples)
Liquidity rewards: capital income

Sale: Capital gain/loss at base del ahorro (19-28%). Gain = sale price - acquisition cost.

Voting (governance participation): NOT a taxable event. Only transfers/sales/swaps generate tax events.

veTokens (veCRV, veBAL): Locking CRV for veCRV = possible swap (tax event). Rewards for holding veTokens = capital income.

kointax auto-classifies governance token airdrops and sales.

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