In Spain, a trader faced accusations from the tax authority (AEAT) that look like a scenario of legal absurdity: three years ago, he merely collateralized digital assets through a DeFi protocol to obtain a loan — without selling, without profit. Nevertheless, he is now billed €9 million because, according to AEAT’s logic, the movement of tokens constituted “realization of economic benefit” — i.e., capital gains subject to taxation.
For reference: the trader had already paid over €5 million on other crypto transactions. This fact makes the case especially harsh — it feels as if ordinary technical activity suddenly acquired fiscal meaning. Lawyers state directly: such an approach exists neither in Spanish nor European law — and this interpretation violates the very understanding of profit and taxation.
Access to justice is a separate issue here. The first instance for complaints is the administrative court TEAC, which depends on the Ministry of Finance. The European Court has defined it as “not independent.” Moreover, while proceedings continue, the demand is to either pay the full amount or provide a guarantee; otherwise, funds can be frozen immediately.
The situation clearly shows: in a world where DeFi still develops practical use cases and “dark zones,” state approaches can turn against traders — even without real revenue. Spain risks becoming a fiscal trap, where technical actions are transformed into unfair burdens.
Source: Cointelegraph and Periodista Digital.
