Spain's Forms 172, 175 and 721: What the Tax Agency Learns About Your Crypto

Last reviewed: October 20, 2026. Based on current rules and on the draft order put out for public consultation on March 10, 2026, which is not final yet.

The Spanish Tax Agency (Agencia Tributaria, AEAT) receives crypto information through several information returns, the annual reports known in Spain as declaraciones informativas and identified by form numbers (modelos). Until now these were Forms 172, 173 and 721. To adapt to the EU's DAC8 directive, the Ministry of Finance's draft order proposes a change: Form 173 goes and Form 175 arrives. Here is who files each one, what it includes and when. This matters to you if you are tax resident in Spain or use a provider that reports there.

Quick Overview

Source: draft order (Arts. 6–17 and repealing provision).

Form 172: Balances

Today, Order HFP/887/2023 governs Form 172 as the "Information return on virtual currency balances". The draft renames it to crypto-asset balances and replaces the concept of "virtual currency" with "crypto-asset". It also specifies that the crypto-assets to be reported are the same ones subject to reporting under DAC8.

• Who: firms that hold crypto-assets in custody for third parties, under Article 39 bis of the RGAT (the General Regulation on tax management and inspection procedures, Royal Decree 1065/2007).
• What: each client's balances, with the content set out in Annex II of the draft.
• When: under Article 9 of the draft, once a year, during the January following the year reported.

For you: you do not file it, but your provider may report your balances to the Tax Agency.

Form 175: The New DAC8 Form

This is the big change. The draft creates it to meet the new reporting obligation in a new Article 37 ter of the RGAT, which brings DAC8 into Spanish law.

• Who: "reporting crypto-asset service providers", as defined by the implementing royal decree (still referred to in the draft as "Real Decreto XX/XXXX").
• What: data on their users and on reportable transactions, with the content set out in Annex III. If a user made no transactions during the year, only their basic details are reported.
• When: under Article 13 of the draft, once a year, during the following January.

In addition, operators not listed in the financial authorities' register of providers (that is, outside the MiCA Regulation) will have to register in a new Register of Crypto-Asset Operators using Form 042.

For you: if you use a reporting exchange, your transactions will reach the Spanish Tax Agency this way, and if you are resident in another EU country, your country's tax administration too.

Form 173: Repealed

Form 173 ("Information return on transactions in virtual currencies") currently reports transactions. According to the draft, it is repealed for returns covering tax year 2026 onward, and its role passes to Form 175. It would still apply to earlier years.

Form 721: Crypto-Assets Held Abroad

This is the one that affects individuals most. It is currently governed by Order HFP/886/2023.

• Who: individuals and entities resident in Spain holding crypto in custody with providers abroad. According to the AEAT, the obligation arises when the combined value on December 31 exceeds €50,000. In later years you only need to file again if the balance rises by more than €20,000 compared with your last return.
• What: the crypto-assets held abroad, with the content set out in Annex IV of the draft. The draft states that all of them will have to be reported, on the terms set by the rules.
• When: from January 1 to March 31 of the following year (Article 17 of the draft, as today).

Example timeline: if it is approved as planned, Form 721 for tax year 2026 would be filed between January 1 and March 31, 2027.

When Does All This Start?

The third final provision of the draft says the order would enter into force the day after its publication in the BOE (Spain's Official State Gazette). It would first apply to Forms 172, 175, 289 and 721 for tax year 2026, filed from 2027.

But there is an important caveat:

• As of October 20, 2026, we have not found the order published in the BOE.
• The order refers to a DAC8 transposition law ("Ley XX/XX") that has not been passed. With the dissolution of the Spanish Parliament (Royal Decree 806/2026, BOE of October 6, 2026), pending bills lapse, so it would have to go through Parliament again in the new legislature.

Until the rules change, the current Forms 172, 173 and 721 remain in force.

What It Means for You

1. More data matching. The Tax Agency will be able to compare what providers report with what you declare.
2. Consistency. Your IRPF (Spanish personal income tax) return, your Form 721 (if it applies to you) and what you explain to your bank must tell the same story.
3. Documents at hand. With more information in circulation, it is reasonable to expect banks and notaries to ask more often for proof of the source of crypto funds. Prepare it before you need it. We explain how in How to Prove the Source of Crypto Funds to Your Bank.

If you need to document the path of the funds in your wallet, FundsOrigin generates a verifiable PDF report across 14 networks; whether to accept it is up to the institution that receives it. Generate your report →

Official Sources

• Draft order on Forms 042, 172, 175 and 721 (Ministry of Finance, 03/10/2026, in Spanish)
• Explanatory report on the draft order (in Spanish)
• Order HFP/886/2023, Form 721 (BOE, in Spanish)
• Order HFP/887/2023, Forms 172 and 173 (AEAT ministerial orders, in Spanish)
• AEAT, Form 721 FAQ (in Spanish)
• Directive (EU) 2023/2226 (EUR-Lex)
• Royal Decree 806/2026 (BOE, in Spanish)

This content is for information only and does not constitute tax or legal advice. A FundsOrigin report does not guarantee acceptance by your bank or any other institution. Consult a professional about your situation.