14. Virtual currencies
Regulations: Art. 24 Wealth Tax Law
"virtual currency" (also called "cryptocurrency") is defined in article 1.5 of Law 10/2010, of April 28, on the prevention of money laundering and financing of terrorism as "that digital representation of value not issued or guaranteed by a central bank or public authority, not necessarily associated with a legally established currency and which does not have the legal status of currency or money, but which is accepted as medium of exchange and can be transferred, stored or negotiated electronically ."
Taking into account this definition, virtual currencies are considered, for tax purposes, as intangible assets, computable by units or fractions of units, which are not legal tender, but are used as a means of payment as they can be exchanged for other assets. , including other virtual currencies, rights or services if accepted by the person or entity that transmits the good or right or provides the service. Since virtual currencies have economic content, like the rest of the assets owned by the taxpayer of the Wealth Tax, they must be declared.
In the Wealth Tax, the taxpayer must declare the balance of each different virtual currency that he or she owns on the date of accrual, that is, on December 31 of each year, valued at the market price on the aforementioned date. that is, for its equivalent value in euros on that date.