The Sumar parliamentary group aims to raise taxes on digital assets up to 47%, sparking controversy in the sector.
Sumar has submitted three amendments to the Congress of Deputies proposing a tightening of taxation on Bitcoin and other cryptocurrencies.
The submitted proposal would tax gains from digital assets not classified as financial instruments under Spain’s general income tax (IRPF) rates, which can reach 47%. Currently, according to Wolters Kluwer, cryptocurrencies benefit from a more favorable treatment, being included in the savings tax base with rates of up to 30%.
The regulatory change would not affect only individuals. According to CriptoNoticias, the amendment also proposes that corporate profits from digital assets be taxed at a fixed 30% under the Corporate Income Tax.
The third amendment introduced by Sumar adds a new element to Spain’s digital asset regulatory landscape. The National Securities Market Commission (CNMV) would be required to create a visual “traffic light” risk assessment system for cryptocurrencies, to be displayed on investment platforms operating in Spain.
This system would evaluate various parameters such as official registration, supervision, asset guarantees, and liquidity, with the stated aim of protecting investors by providing clear and immediate information.
Experts’ criticism
The proposal has immediately drawn strong criticism from industry professionals. Economist and tax consultant José Antonio Bravo Mateu described the measures as clearly “hostile to Bitcoin, Ethereum, and other cryptocurrencies.”
Even harsher was lawyer Cris Carrascosa, who labeled the proposal “unworkable,” warning: “If this passes, it will cause absolute chaos in the entire crypto tax regime in Spain.”
A particularly controversial point concerns the expansion of the category of seizable assets, which would include all cryptocurrencies, not just those covered by the EU’s MiCA framework, as under previous regulations.
Economist José Antonio described the proposals as “useless attacks on Bitcoin,” emphasizing that cryptocurrencies are “resistant to political attacks.” He also issued a warning to authorities: “The only thing these measures achieve is to make Spanish residents consider leaving when BTC rises so much that they no longer care what politicians say.”
It remains to be seen whether the Congress of Deputies will approve these amendments in their current form or whether the criticism will lead to a revision.
