If you have received a letter from the Spanish tax agency mentioning your crypto transactions, you are most likely looking at a CR3 notice. You are far from alone: during the 2025 filing season the AEAT sent out a wave of them, built on the data it now receives from exchanges such as Binance, Coinbase, Kraken and Bit2Me.
This guide explains what the notice is, what the tax agency already knows about you and — most importantly — what to do to avoid penalties.
The AEAT’s CR notices, in order
The Spanish tax agency uses a tiered warning system for taxpayers with undeclared crypto activity:
| Notice | What it means | Urgency |
|---|---|---|
| CR1 | Generic reminder that crypto must be declared | Low |
| CR2 | The agency knows you have traded on specific exchanges | Medium-high |
| CR3 | The agency holds detailed data: exchanges, volumes and amounts | High |
A CR3 is the last step before the agency opens a formal inspection. It is not yet a penalty, but it is the doorway to one.
What the tax agency already knows
If a CR3 has landed, the AEAT already holds:
- which exchanges you have used (Binance, Coinbase, Kraken, Bit2Me…)
- the approximate volume of your purchases, sales and swaps
- your balances as at 31 December
- whether or not you filed Modelo 721
- cross-referenced information from banks, exchanges and EU bodies
Where that information comes from
Since 2024, exchanges operating in Spain have been required to report every client transaction and balance to the tax agency through forms 172 and 173.
On top of that, automatic exchange of information between EU countries (DAC7, and soon DAC8) closes the net internationally. Going unnoticed is, in practice, no longer an option.
CR2 versus CR3
| Aspect | CR2 | CR3 |
|---|---|---|
| What the agency knows | That you have traded crypto | Specific exchanges, volumes and amounts |
| Tone | Reminder with a warning | Firm warning, pre-inspection |
| Data source | Modelo 721 or international exchange of information | Cross-referenced: exchanges, banks, DAC7, forms 172/173 |
| If you ignore it | Possible escalation to CR3 | An inspection is very likely |
| Urgency | Medium-high | Maximum |
With a CR2 there is still room to act calmly. With a CR3, that room is almost gone.
What to do about a CR3, step by step
Step 1: do not ignore it
A CR3 is not a fine, but it is your last chance to put things right without penalties. Do nothing and the next step is a formal demand carrying penalties of 50% to 150%.
Step 2: check which years are covered
Look at whether the notice refers to 2024, 2023 or earlier. The agency can review the last four unbarred tax years.
Step 3: gather your transaction history
Download the complete history from every exchange you have used:
- How to download your Binance history
- Coinbase history export guide
- Kraken history export guide
- Bit2Me history export guide
- Crypto.com history export guide
- KuCoin history export guide
- Bybit history export guide
If you use other platforms, see all our exchange guides.
Step 4: work out your gains and losses
Spain requires the FIFO method for calculating capital gains and losses on crypto. That gets complicated fast if you have traded across several exchanges over several years.
Step 5: regularise BEFORE the agency moves
This is the decisive point. The gap between coming forward voluntarily and waiting to be caught is enormous:
| When you regularise | Cost |
|---|---|
| Voluntarily (you move first) | Surcharges only (1%–15%), no penalties |
| After a formal demand (they move first) | Penalties of 50% to 150% plus late-payment interest |
The CR3 is your last chance to regularise without a penalty. If you need to file an amended return for earlier years, we have a full guide to amended returns.
Step 6: check whether you owed a Modelo 721
If you held more than €50,000 in crypto on foreign platforms as at 31 December, you were required to file Modelo 721. If you did not, fold it into the regularisation.
What ignoring a CR3 costs
| Scenario | What happens |
|---|---|
| Limited review | Formal demand. You must produce documentation. Penalties of 50%–150% of the unpaid tax plus late-payment interest |
| Full tax inspection | For larger amounts. Can cover the last four tax years. Aggravated penalties |
| Modelo 721 not filed | €5,000 for each omitted item (minimum €10,000) |
The risk is not worth it. Coming forward voluntarily is always cheaper than waiting.
How to check for a pending notice
- Go to the AEAT electronic office
- Sign in with a digital certificate, electronic ID card or Cl@ve
- Open “Notificaciones y comunicaciones”
- Also review your Datos fiscales for the year in question
Some CR notices go out as informational letters by post and may never appear in the electronic office.
If you are not sure how to access it, see our AEAT reference number guide.
What if I have never declared my crypto
If you have been trading undeclared for years the situation is messier, but it has a solution. What matters is acting now:
- you can file amended returns for earlier years
- losses in one year can offset gains in another
- the penalties for not declaring are far worse if you wait for the agency to act
The longer you leave it, the more surcharges pile up. Do not wait.
Frequently asked questions
Is a CR3 notice a fine?
No. It is an informational communication. But if you do nothing, the next step is a procedure carrying penalties of 50% to 150%.
Can I ignore it if my amounts are small?
Not advisable. The agency can impose penalties regardless of the amount, and regularising voluntarily is far cheaper than waiting.
How long do I have to act?
The notice sets no official deadline, but the sooner you regularise the less you pay in surcharges. If the agency opens the formal procedure before you act, the chance to avoid penalties is gone.
Does the tax agency know what is in my cold wallets?
The agency is investing in blockchain analysis tools such as Chainalysis. See our article on how the tax agency tracks cold wallets.
What if I already filed my return but left the crypto out?
You need to file an amended return. Do it voluntarily, before any formal demand, and you pay surcharges without penalties.
We can take it off your hands
At colvence we have helped more than 300 clients put their position right with the Spanish tax agency. We handle:
- collecting and analysing your transaction history
- calculating your gains and losses using the FIFO method
- preparing your tax return and Modelo 721 where required
- filing amended returns for earlier years
Víctor Lázaro
Tax adviser, colvence.com
