The Spanish Sumar parliamentary group has proposed amendments to reform three major tax laws affecting cryptocurrencies, including the General Tax Law, the Income Tax Law, and the Inheritance and Gift Tax Law.
The proposal will change the taxation of cryptocurrency gains, transferring profits from non-financial instrument assets into the comprehensive income tax category, raising the maximum tax rate from the current 30% savings tax rate to 47%, while setting a single tax rate of 30% for corporate holders, according to CriptoNoticias on Tuesday.
The left-wing political platform's plan also calls for the National Securities Market Commission (CNMV) to create a visual "risk traffic light" system for cryptocurrencies and display it on investor platforms.
Another controversial aspect is the proposal to classify all cryptocurrencies as executable assets that can be seized. Lawyer Cris Carrascosa stated on X that this is impractical in execution, especially for tokens like Tether, which cannot be held by custodians regulated under MiCA rules.
Economist and tax advisor José Antonio Bravo Mateu criticized these amendments on X as a "useless attack on Bitcoin," arguing that these measures misunderstand how decentralized assets operate. He pointed out that self-custodied Bitcoin cannot be seized or monitored like traditional financial assets.
"The only thing these measures can achieve is to make holders residing in Spain consider leaving when Bitcoin rises high enough and they no longer have time to heed politicians' remarks," he warned.
Meanwhile, tax inspectors Juan Faus and José María Gentil recently suggested establishing a more favorable special tax regime specifically for Bitcoin. Their proposal allows taxpayers to differentiate between wallets and adopt a first-in, first-out (FIFO) or weighted average method; value adjustments would be made when transferring assets between wallets to prevent tax arbitrage.
The Spanish tax authorities have been reminding cryptocurrency holders about tax issues for years: in 2023, they sent out 328,000 warning notices related to cryptocurrencies for the 2022 tax year, followed by another 620,000 similar notices a year later.
As Spain considers raising the tax on cryptocurrency gains, Japan's Financial Services Agency (FSA) is pushing for a tax reform that would significantly reduce the burden on crypto investors.
Japan plans to no longer tax cryptocurrency gains as "miscellaneous income" (with rates up to 55%) but instead apply a unified capital gains tax of 20%, aligning digital assets with stocks and making Japan more competitive for traders and businesses.
Related: Reports suggest pro-crypto Trump advisor Kevin Hassett is a leading candidate for Federal Reserve Chair.
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