CMC News

#Spain's Sumar Party Proposes 47% Tax Rate on #Crypto Gains

Spain's Sumar parliamentary group has introduced amendments to three major tax laws affecting cryptocurrencies, local media reported. The proposal would move #crypto profits from non-financial assets into the general income tax bracket.

The change would raise the top rate to 47% from the current 30% savings rate for individuals. Corporate holders would face a flat 30% tax. Sumar holds 26 of 350 seats in Spain's Congress and serves as junior partner in the governing coalition with the Socialist Party.

The amendments target the General Tax Law, Income Tax Law, and Inheritance and Gift Tax Law. The plan requires the National Securities Market Commission to create a visual risk system for cryptocurrencies on investor platforms.

All cryptocurrencies would be classified as attachable assets eligible for seizure. Lawyer Cris Carrascosa said on X that this is unenforceable for tokens like $USDT, which cannot be held by regulated custodians under MiCA rules.

Economist José Antonio Bravo Mateu called the amendments useless attacks against $BTC. He said the measures misunderstand decentralized assets, noting that $BTC in self-custody cannot be seized or monitored like traditional financial assets.