Spain’s Sumar parliamentary group has introduced a sweeping proposal to overhaul the country’s crypto taxation framework, putting forward amendments that would significantly raise taxes on Bitcoin and other digital assets.
The initiative, submitted before the Congress of Deputies, seeks to modify three key tax laws, including the General Tax Law (58/2003), the Personal Income Tax Law (35/2006), and the Inheritance and Gift Tax Law (29/1987).
Key Tax Changes Proposed
Under the proposal, profits from crypto assets that are not classified as financial instruments would be removed from the current “savings tax base,” where rates top out at 30%, and placed under the “general tax base,” which can reach as high as 47%. Corporate profits involving cryptocurrencies would face a fixed tax rate of 30%.
Regulatory Oversight and Risk Assessment
The reform also mandates that Spain’s securities regulator, the National Securities Market Commission (CNMV), develop a visual “risk traffic light” system for cryptocurrencies. This indicator, to be displayed on investor platforms, would assess factors such as regulatory registration, supervision, asset backing, and liquidity.
Criticism and Expert Opinions
However, the proposed overhaul has drawn strong criticism from tax experts and legal specialists. Economist and tax advisor José Antonio Bravo Mateu dismissed the measures as “futile attacks against Bitcoin,” arguing that self-custodied assets remain beyond the reach of government oversight or seizure. Such proposals, he said, will simply push Spanish Bitcoin holders to relocate during market surges.
Another contentious element is a proposed expansion of Spain’s seizure regime, which would classify all crypto assets as attachable, even those not regulated under the EU’s Markets in Crypto-Assets Regulation (MiCA).
Lawyer Chris Carrascosa warned that this provision is “unenforceable,” noting that cryptocurrencies like USDT cannot be held by authorized custodians and therefore cannot be seized. Implementing this measure, she argued, would create unnecessary operational burdens for Crypto Asset Service Providers (CASPs).
Alternative Proposals Emerge
Amid the controversy, a separate initiative from tax inspectors Juan Faus and José María Gentil, proposing a preferential tax regime specifically for Bitcoin, is gaining support within the crypto community for offering a more moderate approach.