Crypto-to-Crypto Swap (Spanish Taxation)

Definition

Under Spanish tax law, a crypto-to-crypto swap (permuta) is the exchange of one cryptoasset for another — Bitcoin for Ethereum, for example — without passing through fiat money. For Spanish personal income tax (IRPF) purposes, it is a taxable disposal: it generates a capital gain or loss taxed in the savings base, even though you never convert to euros at any point. This is one of the most common mistakes among investors with Spanish tax residency: assuming tax is only due when 'cashing out to euros'.

How it is calculated. The gain or loss is the difference between the acquisition cost of the crypto you hand over and the market value, in euros, of the crypto you receive at the time of the swap. To determine which units you are selling when you bought at different dates, the FIFO method (first in, first out) applies: you are deemed to sell the earliest-purchased units first. Each transaction must be analyzed separately, replicating the calculation.

Where it is taxed. Capital gains from selling or swapping crypto go into the savings base of the IRPF, with rates in 2026 ranging from roughly 19% to 28% depending on the gain bracket. Mining Bitcoin with your own resources is different — it may fall into the general base. This is not tax advice: confirm your situation with a professional.

In Context