Spain Targets Bitcoin And Crypto Gains With New 47% Tax Push

TLDR:

• Spain’s proposal would shift Bitcoin gains into a tax bracket reaching 47 percent, raising industry concerns.
• New rules also classify all cryptocurrencies as attachable assets, challenging current seizure processes.
• Experts cited by CriptoNoticias say the plan risks confusion for CASPs handling unsupported tokens.
• A separate Bitcoin-only tax regime proposed by inspectors offers a contrasting, lower-rate approach.

Spain’s Sumar parliamentary group has introduced a proposal that would sharply increase taxes on Bitcoin and other crypto assets. 

The plan shifts crypto gains from the current savings tax base to the general tax base, which reaches 47 percent. It also seeks a 30 percent rate on corporate crypto profits. The amendments have sparked immediate resistance across Spain’s crypto sector as stakeholders review the scope of the reform.

Spain’s Bitcoin Tax Proposal Targets Higher Rates And Wider Oversight

The amendments submitted before Spain’s Congress of Deputies form part of broader changes to three national tax laws. 

They adjust the General Tax Law, the Income Tax Law, and the Inheritance and Gift Tax Law to expand how crypto gains are assessed. The shift moves profits from non-financial crypto assets into Spain’s highest personal income bracket.

The proposal adds new oversight measures tied to investor protection.

According to CriptoNoticias, it requires the National Securities Market Commission to create a risk traffic light system for digital assets. Platforms in Spain would display these ratings to help users understand backing, supervision, and liquidity factors.

Local specialists argue that the plan misreads how crypto custody works. Economist José Antonio Bravo Mateu told CriptoNoticias that assets stored in self-custody remain outside direct financial oversight. He warned that such rules may push residents to relocate during strong Bitcoin rallies.

The group also moves to classify all cryptocurrencies as attachable assets. This expands seizure rules beyond tokens covered by Europe’s MiCA framework. 

Crypto lawyer Chris Carrascosa told CriptoNoticias the measure is unenforceable because assets like USDT cannot be held by authorized custodians. She noted that this exposes Spanish CASPs to operational strain.

Experts Warn Of Practical Limits And Systemic Disruption

Industry voices cited in CriptoNoticias say the amendments could disrupt existing tax processes. They argue the changes would challenge how authorities handle non-custodial assets. Without access to private wallets, enforcement tools remain limited.

Concerns also stem from potential administrative overload. 

Providers receiving seizure orders for unsupported assets would face compliance risks. Analysts featured by CriptoNoticias believe the structural design creates confusion throughout the system.

Spain already maintains some of Europe’s highest crypto tax levels. The proposal deepens that position by redefining categories used to calculate gains. 

Alongside this initiative, CriptoNoticias reports that a separate project by two tax inspectors suggests a special Bitcoin-only regime with lower rates. That idea has gained interest within parts of the ecosystem.

Stakeholders continue to debate the direction of Spanish crypto policy. The proposals remain under review as lawmakers assess their economic and regulatory impact.

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