A security token is taxed in the Spanish personal income tax (IRPF) like any other financial instrument, not like a generic cryptocurrency. That is the key idea to fix before filing your return. Because the token carries economic rights equivalent to those of a share, a bond or a unit, the tax treatment follows the nature of the income it produces, not the technology on which the asset is recorded.
In practice, this means your security token can generate two types of income. On one hand, investment income from movable capital, when the token pays out dividends, coupons or interest. On the other, capital gains or losses, when you sell or transfer the token at a price different from its acquisition cost. Both categories are included in the savings tax base and are taxed according to a single, state-wide scale.
Throughout this guide you will see how each flow is declared, what withholdings apply, what the current savings scale is, and why a tokenised security is not treated the same as bitcoin or a utility token. The goal is for you to reach the tax season knowing which boxes each amount belongs in.
Investment income from movable capital: dividends, coupons and interest
When a security token represents a stake in a company's capital and distributes profits, those dividends are investment income from movable capital derived from holding equity in entities. If the token represents debt and pays coupons or interest, those amounts are investment income from the transfer of own capital to third parties. In both cases the logic is the same as for a traditional share or bond.
This income is included in the savings tax base. You must declare the gross amount received, from which you may deduct, where applicable, the administration and custody costs of the securities. The net result is what is taxed according to the savings scale.
Withholdings on the income
If the payer is an entity required to withhold tax in Spain, a withholding on account of IRPF is applied to dividends, coupons and interest at the general rate of 19 per cent. That withholding is not a final tax: it is an advance payment that you subtract from the final liability, so that if your effective rate is higher you will pay the difference, and if it is lower it will be refunded to you.
It is worth checking whether the issuer or the entity responsible for registration and recording has applied a withholding, because it determines the amount you must report and the payments on account you can offset. Where the payer is foreign and does not withhold in Spain, the income remains reportable and relief for international double taxation may come into play.
Capital gains and losses on transfer
The sale, exchange or transfer of a security token generates a capital gain or loss. It is calculated as the difference between the transfer value and the acquisition value, taking into account the costs and taxes inherent to each transaction. If you transfer for more than you paid, a gain arises; if you transfer for less, a loss.
These gains and losses are also included in the savings tax base. Losses may offset gains of the same tax year and, where applicable, be carried forward to later years within the legal limits. It is important to keep an orderly record of dates, amounts and fees for each purchase and each sale, because the traceability of the acquisition value is the basis of the calculation.
The savings tax base brings both flows together
Both investment income from movable capital and capital gains on transfer converge in the savings tax base. A single progressive scale is applied to the resulting balance. This clearly distinguishes these earnings from those taxed in the general base, such as employment income, which follows a different scale with higher marginal rates.
The current savings tax scale
The scale applied to the savings tax base was amended by Law 7/2024, effective from 1 January 2025. It is a fully state-wide scale, identical in every autonomous community, and reads as follows:
- Up to 6,000 euros: 19 per cent.
- From 6,000 to 50,000 euros: 21 per cent.
- From 50,000 to 200,000 euros: 23 per cent.
- From 200,000 to 300,000 euros: 27 per cent.
- Above 300,000 euros: 30 per cent.
The novelty of Law 7/2024 was raising the top bracket from 28 to 30 per cent for bases above 300,000 euros. The remaining brackets are unchanged. Remember that the scale is progressive by bracket: each rate applies only to the portion of the base that falls within that bracket, not to the whole amount.
Why a security token is not declared as a generic crypto-asset
The underlying difference is legal. A security token is a financial instrument because it carries economic or financial rights typical of a transferable security. It is therefore subject to securities markets regulation, in Spain Law 6/2023 on Securities Markets and Investment Services (LMVSI), which transposes MiFID II. As a financial instrument, it falls outside the scope of the European crypto-assets regulation MiCA, which expressly excludes from its application crypto-assets that already qualify as financial instruments.
A generic cryptocurrency or a utility token, by contrast, does not carry those financial rights and operates within the MiCA perimeter. Its IRPF taxation may partly coincide —capital gains on transfer also go to the savings base— but the source of the income and the associated reporting obligations differ. Treating a tokenised security as if it were generic crypto can lead to misreporting the type of income and to losing withholdings and deductions you are entitled to.
If you want to explore the full tax regime of these assets, you can read our guide on the taxation of security tokens in Spain.
Frequently asked questions
In which IRPF base are security tokens taxed?
In the savings tax base. Both dividends, coupons and interest (investment income from movable capital) and gains on transfer (capital gains) are included in that base and taxed according to the savings scale.
Is a withholding applied to a security token's dividends?
If the payer is required to withhold in Spain, yes: a 19 per cent withholding on account applies to dividends, coupons and interest. That withholding is an advance payment deducted from the final IRPF liability.
How is the capital gain calculated when selling a security token?
As the difference between the transfer value and the acquisition value, deducting the costs and taxes inherent to each transaction. The result, positive or negative, is included in the savings base.
Is a security token taxed the same as a cryptocurrency?
Not entirely. A security token is a financial instrument subject to securities regulation and may generate capital income with withholding. A generic crypto-asset does not carry those financial rights and is governed by a different framework, although its gains on sale also go to the savings base.
What this means for you
If you hold security tokens, treat them in your return for what they are: financial instruments. Separate capital income (dividends, coupons, interest) from gains or losses on transfer, check what withholdings have been applied, and apply the current savings scale. Keeping a detailed record of acquisitions, sales and payments received will save you trouble and let you take advantage of withholdings and loss offsetting. For complex transactions or foreign issuers, professional advice is advisable.
This content is informational and general in nature; it does not constitute tax, legal or investment advice. For specific decisions, consult a qualified professional.
Sources: Law 7/2024, of 20 December (BOE-A-2024-26694); Law 6/2023, of 17 March, on Securities Markets and Investment Services (BOE-A-2023-7053); Spanish Tax Agency, Practical Income Tax Manual 2025, taxation of the savings tax base; Regulation (EU) 2023/1114 (MiCA), Article 2(4).
.webp)
.webp)
.png)
.webp)
.webp)
.webp)
.webp)
.webp)
.webp)
.webp)
.webp)
.webp)
%20(1).webp)
.webp)
.webp)
.webp)
.png)
.png)
.png)
