Model 172 and 173 for crypto investors: practical guide 2025
Since 2023, all exchanges based in Spain are required to submit Forms 172 and 173, informing the AEAT about their users' cryptocurrencies. Understanding what data they report is key to your planning.
What is Model 172?
Form 172 is an informative declaration on balances in virtual currencies. Exchanges submit it annually before January 31 of the following year.
What data includes:
- User identification (NIF, name).
- Type of cryptocurrency.
- Number of units as of December 31.
- Value in euros as of December 31 (using the market price of that date).
What is Model 173?
Form 173 is an informative declaration on the operations carried out during the year with virtual currencies.
What data includes:
- Date of each operation.
- Type of operation (purchase, sale, exchange, transfer...).
- Type of cryptocurrency.
- Number of units.
- Consideration in euros (for operations with price).
Which exchanges are obligated?
Providers of virtual currency exchange services for fiat currency and custody of electronic wallets are obligated, provided they are established in Spain or have users in Spain (with nuances of regional interpretation regarding the connection point).
Companies like Bit2Me (based in Spain) present these models. Foreign exchanges (Binance, Kraken...) DO NOT present the 172/173 models — although they will report under DAC8 from 2026.
How does 172/173 affect you in your return?
The AEAT uses this information to:
- Cross data with your personal income tax return. If 173 reports profitable operations that do not appear in your personal income tax, you will receive a notification or requirement.
- Provide data in the draft: in some cases, the AEAT can include the data from 172/173 in the draft of your declaration, facilitating the process.
- Detect inconsistencies: if 172 reports a balance of €50,000 in crypto as of 12/31 and your asset declaration does not reflect it.
Information you can request from your exchange
You have the right to request from your exchange a copy of what they have declared about you in forms 172/173. This allows you to verify that the data is correct and matches your own declaration.
Differences between 172/173 and 721
| Models 172/173 | Model 721 | |
|---|---|---|
| Who presents | The exchange (operator) | The taxpayer himself |
| What it covers | Exchanges with headquarters/users in Spain | Crypto on foreign exchanges |
| Threshold | No minimum threshold | >€50,000 |
| Content | Balances and operations | Balances only |
172/173 and the obligation to declare in personal income tax
The fact that the exchange presents 172/173 does not exempt you from declaring the profits in your personal income tax. The informative declaration is the obligation of the exchange; The tax return is yours.
Not reporting profits because "the exchange already does it" is a mistake that can lead to sanctions.
Conclusion
Models 172 and 173 are the surveillance system that allows the AEAT to have direct information on your operations on Spanish exchanges. Knowing what data they report helps you ensure consistency between what the exchange reports and what you declare in your personal income tax.