Spain vs Yemen
Crypto regulation comparison
Spain
Yemen
Legal
Restricted
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.
Yemen has a restrictive environment for cryptocurrency due to ongoing conflict and fragmented governance. The Central Bank has warned against crypto use. International sanctions further restrict access.
Tax Type
Capital gains
Tax Type
None
Tax Rate
19-28%
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
CNMV (Comisión Nacional del Mercado de Valores), Banco de España
Regulator
Central Bank of Yemen
Stablecoin Rules
Regulated under EU MiCA framework
Stablecoin Rules
No stablecoin regulation
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
Key Points
- Central Bank has warned against cryptocurrency use
- Ongoing conflict limits regulatory development
- International sanctions restrict access to crypto platforms
- No specific cryptocurrency legislation
- Very limited crypto infrastructure