Investor Defi faces USD Tax $ 10.5 million in Spain for lack of fiscal clarity

By Canuto

In a case that reflects serious problems in the Spanish fiscal system, a cryptocurrency investor was beaten with a millionaire tax in Spain for having requested a defi loan –even when it did not sell or generate profits.

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Crypto investor was beaten with a millionaire tax in Spain for having requested a defi loan.
It did not sell or generate profits with cryptocurrencies, but still faced USD Tax $ 10.5 million.
The case highlights the lack of specific guidelines for crypto and defi operations.

A Spanish decentralized finance investor (DEFI), was beaten with a fiscal sanction of 9 million euros (approximately USD $ 10.5 million) to obtain a loan backed by cryptocurrencies, Despite not having sold or generated benefits.

The case, reviewed by the local environment Digital journalisthighlights the absence of clear regulations in the field of digital assets, which generates aggressive interpretations by the Tax Agency and leaves taxpayers in a vulnerable position.

According to documents obtained by the newspaper cited, the investor He had voluntarily declared all his operations with cryptocurrencies and paid around 5 million euros in taxes. Three years later, he received an additional settlement from the State Agency for Tax Administration (AEAT), Not by not declared profits, but by the mere act of depositing tokens in a protocol defi to receive a loan. According to the report, the assets were not sold and no profits were obtained.

“The AEAT has taxed something that, from any economic or legal point of view, is not income“, Explained the legal advisor of the investor to that medium. He added that it was a”Technical Assets Movement Within a Defi Protocol: No Gain, without change of property, without benefit obtained“, And that the interpretation of the AEAT “It lacks legal basis in current Spanish or European legislation“

Problems in the Spanish tax system

The AEAT classified the loan in Stablecoins as a heritage gain and tokens transfers to protocols such as Beefy either Tarot As taxable facts, according to coverage. This interpretation, according to critics cited in the report, contradicts article 33 of the Law on the Income Tax of natural persons (IRPF), which defines patrimonial gains such as those that imply an effective economic benefit and a variation in net assets.

In this case, there was no sale, withdrawal of funds or real income, which highlights the lack of specific guidelines for cryptocurrency operations, specifically those that are made by defi platforms.

The incident reflects systemic problems in the Spanish fiscal system, as the news media points out.

Spain has intensified its surveillance over cryptocurrency holders in recent years. In 2023, the AEAAT sent 328,000 warning notifications for cryptocurrency taxes corresponding to the fiscal year of 2022, and A year later, the figure doubled to 620,000. In addition, local regulations forced users to declare their cryptocurrency holdings abroad before the end of March 2024.

More recent reports indicate that the AEAT can access and confiscate crypts if tax obligations are not fulfilled.

Finance Pursues Taxpayers crypto

However, the biggest challenge lies in access to justice, he said Digital journalist. The first instance of appeal in tax disputes is the Central Economic-Administrative Court (TEAC), an administrative body under the Ministry of Finance.

In 2020, the Court of Justice of the European Union (TJUE) determined that Teac is not considered a “Independent Court “ In the sense of the law, since its officials are appointed by the Government and depend on the same authority that issues tax decisions. To suspend a liquidation, the taxpayer must pay the total amount or present a bank guarantee, which allows the AEAT to execute immediate measures such as the freezing of accounts or seizure of assets without prior judicial review.

Appeal processes against TEAC can be extended from 26 to 54 months, and in cross -border cases, up to 7 or 8 years, according to the report. During this period, investor assets can remain ilequid, causing irreversible damage to their financial operations, even if the final ruling is favorable. Organizations such as the Fiscal Justice Network have criticized this disproportion, noting that execution measures intensify while legal guarantees for new technologies evolve slowly.

A case that motivates tax debates

In contrast to other European jurisdictions, such as France or Germany, where an appeal automatically suspends the execution, or Estonia, which applies the presumption of good faith, Spain imposes conditions that make the right a privilege for those who have significant financial resources. The European Commission has initiated debates about reforms to harmonize fiscal procedures in the EU, but in the meantime, Spain consolidates its image as a high -risk environment for cryptocurrency investors.

This case also highlights paradoxes in Spanish fiscal policy. While the “Beckham Law” is reactivated to attract technological talent with fiscal exemptions, cryptocurrency investors face punitive interpretations that equate technical movements in defi –como Staking or provision of liquidity – to taxable events, without real benefits.

Legal experts, such as Lullius partners cited in related reports, they warn that “Spanish fiscal legislation still lacks clear guidelines on how cryptocurrency holdings or tokenized assets should be taxed“This uncertainty not only deepens legal asymmetry, but undermines principles such as tax neutrality and equality before the law.

AEAT has not publicly responded to the specific case, but the report of Digital journalist It suggests that, without urgent reforms, these practices could erode confidence in the tax system and deter innovation in the defi sector.

Meanwhile, the affected investor continues his legal battle, highlighting how the lack of fiscal clarity transforms tools that potentially promote financial inclusion into tax control mechanisms.

Article written with the help of AI, edited by Diariobitcoin

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