USDT, USDC and stablecoins in Spain: taxes
Stablecoins = cryptocurrencies for AEAT: Not treated as fiat money.
Model 172: USDT/USDC balances at Dec 31 on foreign exchanges → must be declared.
Swaps with stablecoins:
- BTC → USDT: Deemed BTC sale (capital gain if BTC appreciated)
- USDT → ETH: Deemed USDT sale (tiny gain/loss based on actual USDT price vs €1)
Depeg events: If USDT sells at $0.95, that's a small capital loss.
Stablecoin lending/Earn interest: Capital income.
kointax handles all stablecoins correctly.