Over 70 % of Spanish crypto-dealers report losses in the 2022 fiscal year: Tax declarations of Spanish crypto dealers reveal interesting insights

Over 70 % of Spanish crypto-dealers report losses in the 2022 fiscal year: Tax declarations of Spanish crypto dealers reveal interesting insights

According to a report, over 70 % of Spanish crypto traders reported losses in the 2022 financial year. This emerges from the information from the auditing company Taxcripto, which specializes in the creation of tax returns for crypto owners. Especially with those who invest in crypto derivatives and futures, the losses were significantly higher at 91 %.

crypto tax returns are now mandatory in Spain, although the tax authority has had difficulties in implementing their tax plans in the past. The authority allegedly sent written warnings to alleged crypto dealers that they have to declare their crypto revenue, otherwise there are threats high fines.

The research of Taxcripto was based on the data of its own customers. According to the company, a "severe decline" of crypto prices in 2022 caused many crypto investors to report income losses for this year. However, this could indicate a special feature in the tax registration system, since those who report losses may not have to pay taxes on their stocks. For this reason, many investors have decided to implement their losses before the end of the year to reduce their tax burden.

The taxcripto study revealed further interesting findings. Accordingly, 85 % of the crypto transactions declared in the tax returns were made on the Bony trading platform. In contrast, only 10 % were handled on coin base, while less than 2 % of the transactions took place on the Spanish Bit2Me platform. It is also surprising that only 10 % of the transactions were handled via Bitcoin (BTC). Binance Coin (BNB) with 18 % and USD with 11 % were used much more frequently.

As for the type of transactions, Staking was the most popular method in Spain with 46 %, followed by crypto-to-crypto trading with 39 %. The acceptance of cryptocurrencies in Spain seems to increase overall. A survey last year showed that awareness of cryptocurrencies in the general public has increased to 76 %.

All of this information suggests that the crypto dealers in Spain have to deal with different success experiences. While many losses report, others try to reduce their tax burden with skilled measures. It remains to be seen how the situation will develop in the future.