Frequently asked questions (forms 172 and 173) (HTML)

Those required to submit form 172, “Informative declaration on virtual currency balances”, are those delimited in section 1 of article 39 bis of the General Regulation of the actions and procedures of tax management and inspection and of the development of the common rules of the procedures for the application of taxes, approved by Royal Decree 1065/2007, of July 27 (RGAT, hereinafter), that is, persons and entities resident in Spain and permanent establishments in Spanish territory of persons or entities resident abroad, that provide services to safeguard private cryptographic keys on behalf of third parties, to maintain, store and transfer virtual currencies, whether said service is provided on a primary basis or in connection with another activity.

Those required to submit form 172, "Informative declaration on balances in virtual currencies" will be obliged to provide the information contained in Annex I of Order HFP/887/2023, of July 26, which approves form 172 "Informative declaration on balances in virtual currencies" and form 173 "Informative declaration on operations with virtual currencies", and establishes the conditions and procedure for its submission, in accordance with the provisions of article 39 bis of the RGAT.

Thus, the information to be provided to the tax authorities will include:

• The identifying data (name and surname or company name or full name, address and tax identification number) of the persons or entities to whom the virtual currencies correspond at any time during the year, whether as holders, authorized persons or beneficiaries.

• Balances as of December 31 for each virtual currency, indicating the type of virtual currency, the number of units of virtual currency as of December 31 and their valuation in euros.

• Balances as of December 31 of fiduciary currency that, where applicable, they hold on behalf of third parties, for which they will provide the same identifying data of their owner, authorized or beneficiary, as well as their valuation in euros when the currency is other than the euro.

In the event that prior to December 31, the declarant had ceased to hold the virtual currencies in custody with respect to the declarant, the information to be provided will refer to the date on which such circumstance had occurred.

For more details, please consult the following link: Content of the information declaration on balances in virtual currencies, form 172.

By sending messages in XML format, in accordance with the technical specifications contained in Annex I of Order HFP/887/2023, of July 26, approving model 172 "Informative declaration on balances in virtual currencies" and model 173 "Informative declaration on operations with virtual currencies", and establishing the conditions and procedure for their presentation.

No. Information must be provided individually for each currency in custody, identifying them with a different DeclaredRecordID.

Thus, for example, if, on December 31 of the year to which the declaration refers, the reporting entity holds 2 Bitcoins and 3 Ethereums of Juan Español Español, it will provide the information relating to the Bitcoin balance of Juan Español Español with a DeclaredRegistryID X and the information relating to the Ethereum balance of Juan Español Español with a DeclaredRegistryID Y.

In the fields VirtualCurrencyDenomination and VirtualCurrencyAcronym, the denomination and acronym of the virtual currency for which the information is being provided must be entered, respectively, as they appear on the reference cryptographic rating sites, such as CoinMarketCap.

For example:

• VirtualCurrencyDenomination: Bitcoin and Virtual Currency Acronyms: BTC.

• VirtualCurrencyDenomination: Ethereum and Virtual Currency Acronyms: ETH.

• VirtualCurrencyDenomination: Tether USDt and Virtual Currency Acronym: USDT.

• VirtualCurrencyDenomination: BNB and Virtual Currency Acronym: BNB.

• VirtualCurrencyDenomination: XRP and Virtual Currency Acronym: XRP.

• VirtualCurrencyDenomination: USDC and Virtual Currency Acronyms: USDC.

• VirtualCurrencyDenomination: Cardano and Virtual Currency Acronyms: ADA.

• VirtualCurrencyDenomination: Dogecoin and Virtual Currency Acronym: DOGE.

• VirtualCurrencyDenomination: Solana and AcronymsVirtualCurrency: SUN.

• VirtualCurrencyDenomination: TRON and Virtual Currency Acronyms: TRX.

For the purposes of valuation in euros, the quote at 11:59 p.m. on December 31 (peninsular time) offered by the main trading platforms or price monitoring websites will be taken or, failing that, a reasonable estimate of the market value in euros of the virtual currency declared at 11:59 p.m. on December 31 will be provided.

In the event that, prior to December 31, the declarant had ceased to hold the virtual currency being declared in custody, in order to carry out the valuation in euros of the declared virtual currency balance, the quotation offered by the main trading platforms or price monitoring websites on the date and time when such circumstance occurred will be taken or, failing that, a reasonable estimate of the market value in euros of the virtual currency on the aforementioned date and time will be provided.

In both cases, the CurrencyValue field will indicate the quote or value used to carry out the valuation in euros of the declared virtual currency unit and the CurrencyValueOrigen field will indicate the trading platform or price monitoring website, or, where applicable, the place from where the quote or value used to carry out the valuation in euros of the declared virtual currency unit was obtained.

To carry out the valuation in euros of fiduciary currency balances in the event that the currency is other than the euro, the exchange rate in effect on 31 December of the year to which the declared information corresponds will be applied.

In the event that, prior to December 31, the declarant has ceased to hold the fiduciary currency subject to declaration in custody, the exchange rate in effect on the date on which such circumstance occurred shall apply.

In both cases, the exchange rate used to make the valuation in euros will be indicated in the FiduciaryCurrencyValue field.

The submission of Form 172, “Informative declaration on balances in virtual currencies” will be annual and its submission deadline will be the month of January of the year following the year to which the declared information corresponds.