Azerbaijan vs Spain
Crypto regulation comparison
Azerbaijan
Spain
Partially Regulated
Legal
Azerbaijan has no specific cryptocurrency legislation but crypto is not banned. Crypto profits are taxable at 14% income tax. The Central Bank is drafting a comprehensive digital asset framework expected by end of 2025, modeled on international best practices. A regulatory sandbox is being developed.
Cryptocurrency is legal and increasingly regulated in Spain. Crypto capital gains are taxed at progressive savings tax rates (19-28%). Spain was an early mover in requiring crypto advertising to be pre-approved by the CNMV. Since 2024, Spanish taxpayers must report overseas crypto holdings via the Modelo 721 form. Banco de España registers VASPs for AML compliance. MiCA applies from December 2024.
Tax Type
Income
Tax Type
Capital gains
Tax Rate
14%
Tax Rate
19-28%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Central Bank of Azerbaijan
Regulator
CNMV (Comisión Nacional del Mercado de Valores), Banco de España
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
Regulated under EU MiCA framework
Key Points
- No specific crypto legislation; operates in legal gray area
- Crypto profits taxable at 14% income tax
- Central Bank drafting comprehensive digital asset framework
- Manat is the only legal tender per 1995 Constitution
- Regulatory sandbox being developed for virtual assets
Key Points
- Crypto gains taxed at savings rates: 19% (first €6,000), 21%, 23%, 27%, 28% (above €300,000)
- Modelo 721: mandatory declaration of overseas crypto holdings exceeding €50,000 (from 2024)
- CNMV requires pre-approval of crypto advertising targeting Spanish residents
- Banco de España maintains VASP registry for AML compliance
- Spain has a large crypto-using population; significant expat and digital nomad community