In many countries, it is already legal to receive wages in cryptocurrencies, given the rise of these assets as an alternative in the financial market. However, in Spain, it is not yet possible to receive wages in, for example, bitcoins.
Joaquim Matinero, counsel for the blockchain, digital assets and web3 area, comments in El Confidencial (for subscribers only): ‘At the regulatory level, wages must be paid in legal tender, i.e. in euros, although another international currency could be agreed upon, but always with its correlation to the euro.’
Our expert points to the possibility of being paid in cryptocurrencies: ‘It would be worth considering, as a supplement, the payment of part of the remuneration in kind through crypto assets, provided that the maximum limit of 30% of the total salary in kind is respected and that there is express acceptance by the worker.’
He adds that: ‘an experimental or regulated framework could be considered in the future to partially enable these practices, especially if stable crypto assets become more widely accepted.’
However, as with the stock market, this entails certain risks, as the value of cryptocurrencies is volatile. Our solicitor explains: "The fluctuation in value of crypto assets such as Bitcoin can erode the stability of wages, putting the worker's economic security at risk. [...] Similarly, a complex tax situation arises, as it is technically complicated to value cryptocurrencies for income tax and social security contribution purposes, due to the need to prove conversion to legal tender and taxation, in addition to issues of compliance with Law 10/2010 on the prevention of money laundering, given the complex and pseudonymous traceability of many transactions."
If you would like further information, please do not hesitate to contact our office by calling 91.345.48.25 or sending an email to info@cecamagan.com
