The Spanish government is preparing a new legislative proposal to strengthen cryptocurrency tax rules, which could significantly increase the tax burden on digital asset activities. Currently, profits from crypto disposals—such as sales, trades, or swaps—are taxed as savings income or capital gains at progressive rates between 19% and 28%, while income from mining, staking, or compensation is treated as general income, taxed up to 47% depending on individual circumstances. The proposed bill, still under internal discussion, aims to broaden definitions of taxable crypto activity and enhance enforcement powers for the Agencia Tributaria.
In a parallel development, the Sumar Parliamentary Group has proposed three amendments to crypto tax laws, presented before the Congress of Deputies. These include taxing gains from crypto assets not considered financial instruments under Personal Income Tax (IRPF) at rates up to 47%, compared to the current savings base rates capped at 30%. Additionally, gains would be subject to Corporate Income Tax at 30%, and the National Securities Market Commission (CNMV) would create a visual risk traffic light system for crypto assets on investor platforms, evaluating factors like registration and liquidity.
Critics, including economist José Antonio Bravo Mateu and lawyer Chris Carrascosa, argue that the proposals are unenforceable and could cause chaos in Spain's crypto tax regime. Bravo Mateu stated that the measures clearly go against Bitcoin, Ethereum, and other cryptocurrencies, while Carrascosa warned that approval would lead to absolute chaos. The reforms also expand the scope of seizable assets to include all cryptocurrencies, beyond those under the EU's Markets in Crypto-Assets (MiCA) Regulation.
If enacted, the changes could increase compliance costs for service providers like exchanges and custodians, reduce participation in high-frequency trading and DeFi operations, and potentially discourage innovation. However, they might provide regulatory clarity, attracting more institutional capital. Key developments to monitor include whether the draft is officially introduced to Parliament and the implementation timeline, with potential implications for EU-wide crypto taxation discussions.
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