Taxation of Cryptocurrencies
The purchases of cryptocurrencies is a subject activity but exempt from VAT payment. Taxation will be applied at the time of selling cryptocurrencies that result of Capital Gain, in this case the profit must be paid in the IRPF declaration.
In the case of mining, the advisable scenario is to pay as a legal entity, the activity is subject but exempt from VAT. The miners must pay taxes for the profits obtained in the mining company once the digital assets are settled in euros.
In the case of Trading and exchanging between different crypto-currencies, paying the gain / loss obtained in the IPRF, is required by law.
Purchase of BitcoinThe purchase of bitcoin is an activity subject and exempt from paying VAT.
Purchase and sale of BitcoinIf you are engaged in the purchase of cryptocurrency you must pay VAT of the exchange commission. If there is no commission, you must declare the capital gain or loss on your income tax return.
Shops with payments in BitcoinWhen you accept bitcoin as a payment method for your business, taxation does not apply to the received payments in euros, since in this case Bitcoin intervenes as an electronic payment method.
Watch the full video of Álex Fernández, CEO of Bitbase, on how to make bitcoin taxation and find out about other issues around this economy that is revolutionizing today’s society.
Accept bitcoins as a payment
method in your business
Bitcoin is a cryptocurrency that was designed as an electronic payment to purchase goods & services.. In Spain there are more and more establishments and companies that are accepting Bitcoin as an additional payment method that is safe and secure.
In countries such as Japan, cryptocurrencies is officially established as an alternative payment method and you can live only by spending Bitcoin for goods and services.
If your business is focused on the new generation, tourists, foreigner and technologies, accepting bitcoin will open the doors to a new segments of clients that use cryptocurrencies.
Training on cryptocurrencies trading
Trading is one of the most common uses of the cryptocurrencies, since it is a unique market with high volatility and it is open 24 hours a day, 365 days a year.
You have to know that the risks with such a volatile market are very high therefore are the possible gains obtained through trading.
If you need basic or advanced information about platforms, type of orders or how to operate, contact us.
Do you want to know more about Trading strategies and the systems to do technical analysis? The expert Iván Rodríguez explains the system and its advantages in the following video.
Mining Bitcoin and other cryptocurrencies
Bitcoin and cryptocurrencies are based on decentralized network system. Managing the transaction between point A and B is handled by decentralized miners/computers that will write a public sheet of the transaction book on the blockchain, in order not to be modified.
The miners must solve very complex mathematical problems, the first miner to solve the problem will be rewarded in Bitcoin (they are called mined Bitcoin).. The Bitcoin network can grow up to a maximum of 21 million units. The reward that the network offers to the miners decreases by half every 210,000 mine blocks, currently it is at 12.5 BTC for each new mine block.
Go deeper into mining, we encourage you to watch the video where Gabriel Lloris, our mining expert, explains the basics of BitExperience.