The left-wing Spanish political alliance Sumar is pushing for a significant tax increase on crypto profits. Critics called it an “attack against Bitcoin.”
Sumar has submitted amendments to overhaul three key tax laws: the General Tax Law, the Income Tax Law, and the Inheritance and Gift Tax Law.
The proposal aims to move cryptocurrency gains from the existing “savings rate” bracket to the “general income tax” bracket. This shift would raise the top tax rate on crypto profits from the current 30% to a maximum of 47%.
Apart from this, the plan sets a flat 30% tax rate for corporate entities holding cryptocurrencies.
The political platform also includes several controversial regulatory and legal measures. The proposal mandates the National Securities Market Commission (CNMV) to establish a “risk traffic light” system. It presupposes that a visual warning will be displayed on cryptocurrency investor platforms.
Another element seeks to classify all cryptocurrencies as attachable assets eligible for seizure. A legal expert, Cris Carrascosa, pointed out the difficulty of enforcing this, particularly for tokens like Tether’s USDT, which cannot be held by regulated custodians under the EU’s MiCA regulation.
Sumar currently holds 26 seats in Spain’s Congress of Deputies.
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