Stablecoin farming in Spain: taxation
Main protocols: Aave, Compound, Curve, Yearn, Morpho.
Tax treatment of stablecoin yields:
- Interest in stablecoins (Aave, Compound): capital income. Amount in € depends on EUR/USD exchange rate when received.
- Governance token rewards (CRV, AAVE, COMP): capital income at market value.
Curve LP withdrawal: Received more stablecoins than deposited → difference = capital income. CRV rewards = separate capital income.
EUR/USD exchange rate: USD-pegged stablecoins valued in € at exchange rate when interest received.
kointax imports Aave/Compound/Curve history and converts stablecoin yields to euros.