Spain’s Sumar parliamentary group has proposed amendments to reform three key tax laws affecting cryptocurrencies.
The reforms would affect the General Tax Law, Income Tax Law, and the Inheritance and Gift Tax Law, according to local media reports.
The proposed changes would move crypto profits from non-financial-instrument assets into the general income tax bracket.
This would increase the top rate to 47%, compared with the current 30% savings rate.
For corporate holders, the proposal sets a flat 30% tax, according to a Tuesday report from CriptoNoticias.
New Reporting and Seizure Rules Proposed
Sumar, a left-wing alliance holding 26 of the 350 seats in Spain’s Congress, is also a junior partner in the governing coalition with the Socialist Party.
The proposal would require the National Securities Market Commission (CNMV) to introduce a visual “risk traffic light” system for cryptocurrencies on investor platforms.
Another controversial measure would classify all cryptocurrencies as attachable assets eligible for seizure.
Lawyer Cris Carrascosa criticized this on X, saying it is unenforceable, particularly for tokens like Tether’s USDt, which cannot be held by regulated custodians under MiCA rules.
Critics Call the Proposal an Attack on Bitcoin
Economist and tax adviser José Antonio Bravo Mateu called the amendments “useless attacks against Bitcoin” in a post on X.
He argued the measures show a misunderstanding of how decentralized assets operate.
“Bitcoin held in self-custody cannot be seized or monitored in the same way as traditional financial assets,” he said.
“The only thing these measures achieve is to make its holders residing in Spain think about fleeing when BTC rises so high that they no longer care what politicians say,” he added.
Meanwhile, tax inspectors Juan Faus and José María Gentil have suggested creating a more favorable tax regime for Bitcoin.
Their plan would allow taxpayers to separate wallets and apply FIFO (first-in, first-out) or weighted-average methods, with adjustments for moving assets between wallets to prevent tax manipulation.
Spain has been warning crypto holders about taxes for years.
The tax agency sent 328,000 notices for crypto taxes for the 2022 fiscal year in 2023, followed by 620,000 similar notices in 2024.
