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BTC 
ETH Spain made it clear that self-custodial cryptocurrencies do not need to declare Modelo 721 overseas assets.
In Spain, cryptocurrency wallet assets with private keys controlled by users themselves do not fall within the scope of the "Modelo 721" overseas asset declaration requirements. This regulation clearly delineates the boundaries of tax filings: that is, distinguishing between "self-custodial" assets and assets controlled by foreign custodians.
The exemption policy applies whether the assets are stored in hot or cold wallets. The key factor in determining whether reporting obligations need to be fulfilled is who controls the private key, rather than whether the wallet is connected to the Internet or the specific type of device on which the credentials are stored.
Cryptocurrencies will only be included in the Modelo 721 reporting framework if a third party holds the private key on behalf of the user and the custodian is located outside Spain. If the total euro value of the relevant virtual currencies exceeds 50,000 euros on December 31, these assets held by foreign custodians must be declared. Once this comprehensive threshold is exceeded, all eligible overseas held virtual currencies must be included in the scope of declaration.
Private key control determines the suitability of Modelo 721
Therefore, when users hold Bitcoin, Ethereum, or other cryptocurrencies in an unmanaged wallet (such as a software wallet or hardware wallet), they do not need to include these balances in the € 50,000 Modelo 721 declaration calculation. As long as no external provider controls the private key, the above treatment applies equally to software and hardware wallets.
这与其他地区针对中心化平台与自托管地址之间转账所采取的新兴监管方法形成对比。例如，巴西最近实施了自托管报告制度，规定当至少10,000美元的合格转账在受监管机构与用户控制的钱包之间进行时，需进行报告。泰国则通过其“旅行规则”采取了不同路径，要求持牌加密企业在客户将资产转入或转出至自托管钱包时，验证所有权或控制权。尽管这两种框架并未禁止自托管，但在私人钱包与受监管中介交互的节点上增加了额外的合规要求。
相比之下，西班牙的Modelo 721处理重点在于加密货币是否实际通过托管机构持有于国外。由所有者直接控制的钱包不符合“托管”这一条件。
自托管并不免除其他加密货币税务义务
Modelo 721的豁免并不意味着自托管加密货币可以免税。
根据西班牙个人所得税法（IRPF），将加密货币兑换为欧元仍可能基于购入价与处置价的差额产生资本利得或损失。此外，一种加密货币兑换为另一种加密货币也可能在西班牙税法下产生应税收益或损失。
如果纳税人本身需缴纳财富税，加密货币仍属于西班牙财富税框架的一部分。持仓需在12月31日按欧元估值，虚拟货币被视为具有经济价值的资产。
因此，这一区别专门针对海外资产披露义务：直接控制私钥使自托管加密货币免于Modelo 721申报，但应税处置行为及适用的财富税义务保持不变。
