The DGT clarifies when the buying and selling of cryptoassets using bots is not considered an economic activity

The Spanish Directorate-General for Taxation (Dirección General de Tributos – DGT) has issued Binding Ruling V2232-25, of 24 November 2025, in which it expressly analyses for the first time the tax treatment of cryptocurrency purchase, sale and exchange transactions carried out through automated trading software (commonly referred to as trading bots).

The ruling addresses an increasingly relevant issue for private investors: whether automated trading of cryptoassets may constitute an economic activity for the purposes of Personal Income Tax (IRPF) and the Tax on Economic Activities (IAE).

The tax authorities’ conclusion is clear: when the taxpayer operates exclusively with their own assets and does not provide services to third parties or receive brokerage commissions, no economic activity exists.

The DGT’s analysis is based on Article 27.1 of Law 35/2006 on Personal Income Tax (IRPF), which defines income from economic activities as income derived from the organisation on one’s own account of means of production and human resources — or either of them — for the purpose of intervening in the production or distribution of goods or services.

According to the ruling, in the case analysed:

• the taxpayer operates exclusively with their own capital

• no investment or brokerage services are provided to third parties

• no remuneration, commissions or fees are received

Under these circumstances, the DGT considers that there is no minimum organisational structure capable of constituting the arrangement of means required for an economic activity, nor is there any purpose of market intervention within the meaning required by the IRPF legislation.

Consequently, cryptocurrency purchase, sale or exchange transactions carried out through trading bots are not classified as income from economic activities, but rather as capital gains or losses derived from the management of the taxpayer’s own assets.

The ruling also analyses the possible application of the Tax on Economic Activities (IAE).

The DGT concludes that the purchase and sale of cryptocurrencies carried out on one’s own account, even when performed frequently or through automated systems, does not constitute a taxable event for IAE purposes.

The reason is that there is no activity directed towards the market nor any provision of services to third parties, which are necessary elements in order to determine the existence of an economic activity subject to this tax.

Therefore, a taxpayer who merely manages their own cryptoasset portfolio is not required to register for IAE in respect of such activity.

The criterion established in Binding Ruling V2232-25 does not represent a change in doctrine, but rather extends to cryptoassets the interpretation that the DGT had already applied to trading in traditional financial assets.

Among others, the following rulings may be cited:

• Binding Ruling V1950-21, regarding the Personal Income Tax treatment of trading in securities.

• Binding Rulings V1162-14, V0800-11 and V0671-10, concerning IAE and transactions involving listed shares.

In all these cases, the tax authorities concluded that when taxpayers operate exclusively with their own assets and do not provide services to third parties, the requirement of market intervention necessary to classify the activity as an economic activity is not met.

The 2025 ruling consolidates this interpretative approach in the context of cryptoassets and automated trading.

As this is a binding ruling, the criterion established by the DGT is mandatory for the tax authorities in substantially identical cases, thereby providing greater legal certainty for private investors who trade cryptocurrencies using automated tools.

However, the DGT itself recalls that each case must be analysed according to its specific circumstances. The conclusion could differ if factors such as the following are present:

• provision of trading or asset management services to third parties

• receipt of commissions or remuneration

• the existence of an organised business structure

Likewise, the tax authorities note that tax audit and inspection bodies may verify the existence of facts or circumstances different from those described in the ruling request.

Binding Ruling V2232-25 issued by the Spanish Directorate-General for Taxation confirms that the mere management of one’s own cryptocurrency assets — even through algorithms or trading bots — does not constitute an economic activity for Personal Income Tax or Tax on Economic Activities purposes, provided that no services are rendered to third parties and there is no business organisation aimed at the market.

This ruling reinforces the existing administrative doctrine on trading in financial assets and provides legal clarity to an increasingly common practice within the cryptoasset ecosystem.

ILIA ETL GLOBAL has a team specialised in cryptoasset and digital asset taxation, advising individuals, investors and companies on the tax implications of their transactions.

If you would like to analyse your specific situation or require advice on cryptocurrency taxation, you can contact our specialised team.