They ask for separate wallets so that it is possible to save in BTC without paying excessive taxes.
Treating bitcoin the same as altcoins is destined to fail, for Faus and Gentil.
Two Treasury inspectors propose a special regime to tax profits with bitcoin (BTC) in Spain. The initiative, by Juan Faus and José María Gentil, distinguishes the pioneering digital currency from altcoins as the first step to recognize it for its role as a store of value.
The approach generates enthusiasm in the sector. The lawyer and Bitcoin specialist Álvaro D. María has qualified of “enormous work” in X. This is because it seeks to avoid evasions, while at the same time criticizes the current FIFO criterion of the General Directorate of Taxes (DGT).
The FIFO (First In, First Out) criterion assumes that, when selling or spending bitcoin, users get rid of the oldest units purchased. This standard assumes digital assets as homogeneous securities, calculating gains per acquisition first.
In consultation V0975-22, the DGT insists that “capital gains or losses must be calculated independently for each type of cryptocurrency.”
However, the Judgment of the Superior Court of Justice of the Basque Country (STSJPV 41/2025) questions this, refusing to equate them with traditional securities due to their uniqueness and lack of regulatory adaptation, as cited by the Cryptoasset Markets Regulation (MiCA) to highlight their novelty in the community order.
Given this, the proposal of the two Treasury inspectors proposes an exclusive voluntary regime for bitcoin. Basically, they ask in principle that users be allowed to divide their holdings into different wallets (it can be a cold wallet, a hot wallet, an account on an exchange, etc.).
In this way, within each portfolio you could choose how to calculate profits, that is, continue with the FIFO criterion or use the weighted average price, which is much more similar to how currencies are normally treated.
Aggressive taxation will drive out savings, inspectors say
In that sense, Faus and Gentil point out that when users move their bitcoin from one wallet to another, the value is updated at that moment and thus the corresponding tax is paid. They add that in this way, the door is closed to tricks to defer taxes indefinitely.
The authors maintain that those who do not adhere to the voluntary model will continue with the classic FIFO. “Outside the special regime, to encourage its adoption, the FIFO method must be maintained,” they point out.
They add that for the Ethereum cryptocurrency, Solana and the rest of the altcoins there are no changes because they will continue to be taxed as homogeneous securities, just like stocks, with mandatory FIFO.
The inspectors conclude that “a revolutionary phenomenon like bitcoin needs an approach that allows a global vision of it” and that, without fiscal neutrality, wealth will end up being relocated or hidden in self-custody.
The authors warn that Aggressive taxation will expel savings and economic activity from Spainespecially when 70% of family assets are in housing – compared to the largest weight of financial assets in Europe – and there are neighboring jurisdictions with more favorable rules.
Taxing on housing is much more friendly (for example, you do not pay capital gains if it is your primary home or exemptions when inheriting). And that stops bitcoin from becoming a real savings alternative, as gold or stocks already are in other countries.
Changes sought in bitcoin taxes in Spain
Although the initiative sparked favorable opinions in the ecosystem because it represents a lower tax burden in Spain, there are those who believe that there could be better modifications.
“The proposal is not bad at all, although I would prefer, for simplicity, to use, as the British HMRS does, a general weighted average cost, which moderates the effect of price growth over time,” commented economist and tax advisor José Antonio Bravo Mateu.
However, if the inspectors’ proposal is approved, would change the narrative of the General Directorate of Taxes (DGT) which has already made it clear that digital assets will not be considered money but rather “intangible assets”, something that CriptoNoticias has already reported.
The inspectors’ proposal defends treating it as “real money” with a neutral tax regime in the Personal Income Tax (IRPF), to encourage its adoption without evasion.