Spain’s left-wing party proposes 47% crypto tax in ‘attack against Bitcoin’

Spain’s Sumar parliamentary group has introduced amendments to reform three major tax laws affecting cryptocurrencies, including the General Tax Law, Income Tax Law, and Inheritance and Gift Tax Law.

The proposal would change how crypto profits are taxed, shifting gains from non-financial-instrument assets into the general income tax bracket, which raises the top rate to 47% instead of the current 30% savings rate, while setting a flat 30% tax for corporate holders, according to a Tuesday report from CriptoNoticias.

The plan by the left-wing political platform also requires the National Securities Market Commission (CNMV) to create a visual “risk traffic light” system for cryptocurrencies, to be displayed on investor platforms.

Another controversial element is the proposal to classify all cryptocurrencies as attachable assets eligible for seizure. Lawyer Cris Carrascosa said on X that this is unenforceable, especially for tokens like Tether’s USDt (USDT), which cannot be held by regulated custodians under MiCA rules.

Cris Carrascosa explains why the new proposal doesn’t make sense. Source: Cris CarrascosaRelated: How to file crypto taxes in 2025 (US, UK, Germany guide)

Critics call it an attack on Bitcoin

In a post on X, economist and tax adviser José Antonio Bravo Mateu denounced the amendments as “useless attacks against Bitcoin,” arguing that the measures misunderstand how decentralized assets work. He noted that Bitcoin held in self-custody cannot be seized or monitored in the same way as traditional financial assets.

“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 warned.

Meanwhile, tax inspectors Juan Faus and José María Gentil have recently suggested creating a special, more favorable tax regime specifically for Bitcoin (BTC). Their proposal allows taxpayers to separate wallets and apply either FIFO (first-in, first-out) or weighted-average methods, with value adjustments when moving assets between wallets to prevent tax gaming.

Spain’s tax agency has been warning crypto holders about taxes for years, sending 328,000 warning notices for taxes on crypto for the 2022 fiscal year in 2023, followed by 620,000 similar notices a year later.

Related: Bitcoin for taxes? Proposed bill would let Americans pay the IRS in BTC

Japan plans 20% flat tax

While Spain considers increasing tax on crypto gains, Japan’s Financial Services Agency (FSA) is pushing for a tax reform that would dramatically reduce the burden on crypto investors.

Instead of taxing crypto earnings as “miscellaneous income” at rates that can reach 55%, Japan aims to apply a flat 20% capital gains tax, bringing digital assets in line with equities and making the country more competitive for traders and businesses.

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• #Bitcoin
• #Cryptocurrencies
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• #Taxes
• #Europe
• #Spain
• #European Union
• #Tax reduction
• #Cryptocurrency Investment
• #MiCA
• #Regulation Add reaction