TechFlow, August 19 — According to Cointelegraph, Spain's tax authority (AEAT) has demanded a decentralized finance (DeFi) investor pay $10.5 million (approximately €9 million) in back taxes, classifying their cryptocurrency-backed loans as taxable capital gains. Local media reported that although the investor had declared all cryptocurrency transactions and already paid $5.84 million in taxes, the tax authority issued this additional assessment three years later.
Tax experts have criticized the move, stating it lacks legal basis under both Spanish and EU law, as the investor merely deposited assets into DeFi protocols to obtain loans without selling the assets or realizing any profit.
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