Every income tax campaign the same scene is repeated: that client arrives with a face like “I haven’t sold anything”, convinced that his cryptocurrency operations are not taxed because he hasn’t withdrawn a single euro to his bank account. And that is the beginning of our fiscal tragicomedy… <\/p>\n\n
“But if I just traded ETH for USDC?” “If it’s all inside Binance, why should the Spanish tax authorities care?” Spoiler: it cares. A lot. Because, surprise, the passage from a crypto to a stablecoin<\/em> is treated as a disposal for tax purposes. In plain English: it’s like selling. <\/p>\n\n And here comes the scare. What for the trader is just “switching to a more stable currency”, for the Tax Agency is a taxable event like a cathedral. <\/p>\n\n Although it may seem like a European mess worthy of Kafka, the truth is that most EU member countries apply the same criteria: converting a cryptoasset to a stablecoin<\/em> (such as USDT, USDC, DAI…) is like selling it for euros<\/strong>. Whichever way you look at it, the tax consequences still apply. <\/p>\n\n When the client sees the tax summary and the amount to be paid after 2000 trading operations with stablecoins<\/em>, his face pales. Because the fiction of stability becomes an avalanche of transmissions subject to IRPF. <\/p>\n\n “But I was just protecting my profits!” The use of stablecoins<\/em> in internal trading operations is not innocent. Even less so is it invisible to the tax authorities. In fact, it is no longer a matter of “taking out FIAT” as a threshold: the taxable event is in the conversion itself<\/strong>. <\/p>\n\n \ud83e\udde9 Therefore, having a clear tax strategy, annual simulations, and professional advice is as important as choosing the right token.<\/p>\n\n\n\n\u2696\ufe0f Act two: European tax doctrine (a multilingual tragicomedy)<\/h2>\n\n
\ud83d\udcdc Tax treatment by country (updated 2025)<\/h2>\n\n
Country<\/strong><\/td> Crypto to stablecoin?<\/strong><\/td> Legal\/doctrinal basis<\/strong><\/td><\/tr><\/thead> \ud83c\uddea\ud83c\uddf8Spain<\/td> Yes<\/strong><\/td> Consulta Vinculante DGT V0999-18 and subsequent consultations<\/strong>: any exchange of cryptos, even if it is to stablecoin, is considered a capital gain or loss.<\/td><\/tr> \ud83c\uddeb\ud83c\uddf7France<\/td> Yes<\/strong><\/td> BOFiP – BOI-RPPM-PVBMC-30-10-20-40<\/strong>: exchange between cryptoassets is considered a generating fact if converted to stablecoin.<\/td><\/tr> \ud83c\uddee\ud83c\uddf9 Italy<\/td> Yes<\/strong><\/td> Resolution 72\/E of the Agenzia delle Entrate (2016)<\/strong> + update following Legislative Decree no. 209\/2023. As of 2023, all relevant exchanges (>51,645.69 \u20ac in 7 days) are taxable.<\/td><\/tr> \ud83c\udde9\ud83c\uddeaGermany<\/td> Yes<\/strong><\/td> \u00a7 23 Abs. 1 Nr. 2 EStG <\/strong> (Income Tax Law): it is considered private speculation if the sale or exchange occurs before 1 year.<\/td><\/tr> \ud83c\uddf5\ud83c\uddf9Portugal<\/td> Yes<\/strong><\/td> Art. 10-A of the IRS Code<\/strong>, introduced by Law No. 24-D\/2022 (State Budget 2023): considers transfers of cryptoassets as taxable.<\/td><\/tr> \ud83c\uddf3\ud83c\uddf1Netherlands<\/td> Yes<\/strong><\/td> Wet inkomstenbelasting 2001<\/strong>, Box 3 (asset tax): it is considered as an increase in assets subject to annual taxation.<\/td><\/tr> \ud83c\udde7\ud83c\uddeaBelgium<\/td> Yes, if regular\/professional<\/strong><\/td> CIR 92, art. 90, 1\u00b0<\/strong> + internal circulars: regular transactions with cryptoassets are taxed as miscellaneous or professional income.<\/td><\/tr> \ud83c\udde6\ud83c\uddf9Austria<\/td> Yes<\/strong><\/td> EStG \u00a7 27b<\/strong> (2022 reform): cryptoassets are taxed with withholding tax at 27.5%, including on swaps to stablecoin.<\/td><\/tr> \ud83c\uddf8\ud83c\uddeaSweden<\/td> Yes<\/strong><\/td> Skatteverket guidance (SKV M 2020:23)<\/strong>: every swap between cryptoassets, including into stablecoins, generates profit\/loss.<\/td><\/tr> \ud83c\uddeb\ud83c\uddeeFinland<\/td> Yes<\/strong><\/td> Vero Skatt tax instruction<\/strong> (updated 2023): conversion from one crypto to another (including stablecoins) is taxable.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n \ud83d\ude31 Act three: the profit-and-loss shock<\/h2>\n\n
\ud83e\udde0 The tax and emotional lesson<\/h2>\n\n