Sumar Party Introduces Amendments to Tax Legislation
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. For corporate holders, a flat 30% tax is proposed.
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 has stated on X that this is unenforceable, especially for tokens like Tether’s USDt (USDT), which cannot be held by regulated custodians under MiCA rules.
Critics Denounce Proposals as Detrimental to 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. They sent over 328,000 warning notices for taxes on crypto for the 2022 fiscal year in 2023, followed by 620,000 similar notices a year later.
Japan Considers 20% Flat Tax on Crypto Gains
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. This change would bring digital assets in line with equities and make the country more competitive for traders and businesses.