Spain’s Sumar Seeks 47% Crypto Tax, Seizure Rules Spark Outcry
Spain’s Sumar parliamentary group has proposed amendments to overhaul three tax laws affecting cryptocurrencies — the General Tax Law, the Income Tax Law, and the Inheritance and Gift Tax Law — according to a Tuesday report from CriptoNoticias. The plan would reclassify gains from non–financial-instrument digital assets into the general personal income base, lifting the top marginal rate to 47% from the current 30% savings rate, and set a flat 30% tax for corporate holders.
The initiative would also task the National Securities Market Commission (CNMV) with developing a visual “risk traffic light” indicator for cryptocurrencies to be displayed on investor platforms. In addition, the proposal would designate all cryptocurrencies as attachable assets eligible for seizure.
Attorney Cris Carrascosa said on X that the blanket classification for seizure is not enforceable, pointing to tokens such as Tether’s USDt (USDT), which cannot be held by regulated custodians under MiCA rules.
Critics call it an attack on Bitcoin
Economist and tax adviser José Antonio Bravo Mateu criticized the amendments on X] as “useless attacks against Bitcoin,” arguing that the measures misinterpret how decentralized assets function. He added that Bitcoin in self-custody cannot be seized or monitored like traditional financial assets and warned the approach could prompt holders residing in Spain to consider leaving if BTC appreciates significantly.
Separately, tax inspectors Juan Faus and José María Gentil have proposed establishing a specific, more favorable tax regime for Bitcoin (BTC). Their plan would allow taxpayers to separate wallets and use either FIFO (first-in, first-out) or weighted-average methods, with value adjustments when moving assets between wallets to prevent tax arbitrage.
Spain’s tax agency has been issuing warnings to crypto holders for several years, sending 328,000 notices related to the 2022 fiscal year in 2023, followed by 620,000 similar notices the following year.
Japan plans 20% flat tax
While Spain weighs higher taxes on crypto gains, Japan’s Financial Services Agency (FSA) is advocating a reform to significantly reduce the burden on investors. Instead of treating crypto earnings as “miscellaneous income” taxed at rates up to 55%, the proposal would apply a flat 20% capital gains tax, aligning digital assets with equities and aiming to enhance the country’s competitiveness for traders and businesses.
Stay informed, read the latest news right now!
Disclaimer
The content on TrustsCrypto.com is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile, always do your own research before making decisions.
Some content may be assisted by AI and reviewed by our editorial team, but accuracy is not guaranteed. TrustsCrypto.com is not responsible for any losses resulting from the use of information provided.
