Spain’s General Directorate of Taxation (GDT) issued a binding ruling in November 2021 on the VAT treatment of various services provided by a platform engaged in the cryptocurrency exchange business. The taxpayer requested a ruling on whether the following services it provides are subject to VAT:
- Over-the-counter purchase and sale of digitals assets with customers;
- Custody of cryptocurrencies; and
- “Staking services” or yields on deposits in “smart contracts.”
Source: BDO
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