DAC8 Transposition in Spain: Regulatory Landscape

Spain has taken one of the most proactive approaches in Europe to crypto-asset taxation and reporting. Even before DAC8, Spain had implemented national reporting obligations for crypto-asset holders and service providers that in some respects anticipated the directive's requirements. DAC8 transposition will formalize and expand these obligations within the EU framework.

Spain's Early Move on Crypto Reporting

Spain stands out among EU Member States for having introduced domestic crypto-reporting requirements ahead of DAC8. The Anti-Fraud Law (Ley 11/2021, de 9 de julio, de medidas de prevención y lucha contra el fraude fiscal) and subsequent Royal Decrees established several obligations.

Spanish tax residents must declare crypto-asset holdings on foreign platforms exceeding €50,000 using Modelo 721, which is analogous to the existing Modelo 720 for foreign financial assets. CASPs operating in Spain must report their users' balances and transactions to the Agencia Tributaria (AEAT — the Spanish Tax Agency). Informative declarations using Modelo 172 (crypto balances) and Modelo 173 (crypto transactions) were introduced for CASPs.

These existing requirements mean that Spanish CASPs are already collecting much of the data that DAC8 will require, giving them a significant head start in compliance preparation.

Legislative Process

The Ministry of Finance (Ministerio de Hacienda y Función Pública) is responsible for transposing DAC8 into Spanish law. The implementation is expected through amendments to the General Tax Law (Ley General Tributaria — LGT) and specific regulatory developments implementing the technical reporting requirements.

Spain's existing crypto reporting infrastructure means that the transposition may focus primarily on aligning the current Modelo 172 and 173 frameworks with the DAC8/CARF XML schema and ensuring that the information exchange mechanisms comply with the directive's requirements.

The Agencia Tributaria's Approach

The AEAT has been one of the most aggressive tax authorities in Europe regarding crypto-asset taxation. It has sent hundreds of thousands of warning letters to crypto holders, developed sophisticated data-matching tools, and actively participated in international tax enforcement operations.

The AEAT will serve as the competent authority for DAC8 reporting in Spain. Given the agency's existing investment in crypto-tax infrastructure and its demonstrated commitment to enforcement, CASPs should expect rigorous supervision and zero tolerance for non-compliance.

Spanish TIN System

Spain uses the Número de Identificación Fiscal (NIF) as the TIN for both individuals and entities. For Spanish nationals, the NIF is identical to the DNI (Documento Nacional de Identidad) number. For foreign residents, the NIE (Número de Identidad de Extranjero) serves as the NIF.

CASPs operating in Spain should already be collecting NIF/NIE from their Spanish users under the existing Modelo 172/173 requirements. DAC8 will extend this requirement to cover TINs for users who are tax residents of other jurisdictions.

Expected Penalties

Spain has a well-developed penalty framework for tax reporting violations. Penalties under the existing Modelo 172/173 regime include fines of €200 per data item with a minimum of €300 per report for incomplete or incorrect information, penalties of up to €20,000 per quarter for late filing, and severe penalties for deliberate non-compliance or facilitation of tax fraud.

DAC8-specific penalties are expected to be at least as strict as these existing provisions, reflecting Spain's position as a leader in crypto-tax enforcement within the EU.

Impact on CASPs Operating in Spain

For CASPs already compliant with Spain's domestic reporting requirements, DAC8 will require adapting existing reports to the DAC8/CARF XML format, extending self-certification and TIN collection to all users (not just Spanish residents), implementing the specific due diligence procedures prescribed by DAC8, and participating in the EU's automatic exchange mechanism.

For non-Spanish CASPs serving Spanish users, DAC8 will increase the data available to the AEAT for cross-referencing against Modelo 721 declarations and individual tax returns, potentially triggering increased enforcement activity.

Regional Considerations

Spain's autonomous communities (Comunidades Autónomas) have certain tax competencies, particularly regarding wealth tax and regional income tax supplements. While DAC8 reporting is administered centrally by the AEAT, the data collected may be shared with regional tax authorities for enforcement purposes, adding another layer of potential scrutiny for crypto-asset holders.

Conclusion

Spain's early adoption of domestic crypto reporting requirements gives its CASPs a head start in DAC8 compliance, but the directive's specific technical requirements and international exchange mechanisms will still require significant implementation effort. The AEAT's demonstrated commitment to crypto-tax enforcement means that CASPs operating in Spain should treat DAC8 compliance as an absolute priority.