Yield aggregators in Spain: tax treatment
How they work: Deposit USDC → receive yUSDC → yields auto-compound → withdraw more USDC than deposited.
Conservative position: Each auto-compound = taxable capital income event
Majority position (widely adopted — used by kointax): Taxable event = withdrawal. Gain = (amount withdrawn - amount deposited). Auto-compounding is internal to protocol.
If you sell yTokens on a DEX: That sale is a taxable event at the moment of sale.