Estonia vs Spain
Crypto regulation comparison
Estonia
Spain
Legal
Legal
Estonia was an early mover in crypto regulation, offering licenses since 2017. However, a 2022 overhaul significantly tightened requirements, revoking hundreds of licenses and imposing stricter capital and compliance standards. Crypto gains are taxed at 20% (rising to 22% from 2025).
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
Capital gains
Tax Type
Capital gains
Tax Rate
20-22%
Tax Rate
19-28%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Finantsinspektsioon (EFSA), Rahapesu Andmebüroo (FIU)
Regulator
CNMV (Comisión Nacional del Mercado de Valores), Banco de España
Stablecoin Rules
Regulated under EU MiCA framework
Stablecoin Rules
Regulated under EU MiCA framework
Key Points
- Estonia issued crypto licenses since 2017 but drastically tightened rules in 2022
- Hundreds of crypto licenses were revoked in 2020-2022 due to AML concerns
- New requirements include higher share capital (€100,000-€250,000) and local management
- Crypto gains taxed at 20% personal income tax (22% from 2025)
- MiCA framework applicable from December 2024
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