Spain Proposes Sweeping Crypto Tax Overhaul to 47%, Sparking Market Concerns
Spain's Sumar parliamentary group has ignited controversy with a proposal to radically restructure cryptocurrency taxation. The plan would shift crypto gains from the current 30% savings tax bracket to ordinary income tax rates reaching 47% - a move critics warn could stifle innovation and drive crypto businesses offshore.
The legislative package WOULD treat digital assets as attachable property while imposing a 30% corporate tax on crypto-related business income. Most strikingly, it mandates a 'risk traffic light' system for trading platforms - a visual warning mechanism unprecedented in major EU markets.
Market analysts note the proposal comes as Spain positions itself as a European crypto hub, with recent inflows of blockchain startups and digital nomads. The drastic tax hike risks undermining this momentum while creating compliance complexities for exchanges operating in Spanish territory.
