Having cryptocurrencies is not illegal. Not declaring them when necessary, however, can be.
📌 1. Do I have to declare just for buying cryptocurrencies? No. If you simply buy and hold cryptocurrencies, you do not need to declare them in your income tax (IRPF) as long as you do not sell or exchange them for another crypto, euros, or another asset.
But you must take into account: If you use Binance or another foreign exchange and your wallet exceeds €50,000, you may be required to submit Model 721 (mandatory from 2024). 💰 2. When do I have to declare in the income tax? You must declare when you make profits, for example:
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