Spain’s Sommer Parliamentary Group has introduced 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.
According to a Tuesday report by Cryptonotias, the proposal would change how crypto profits are taxed, shifting gains from non-financial assets into the ordinary income tax bracket, which would raise the top rate to 47% instead of the current 30% savings rate, while setting a flat 30% tax for corporate holders.
The left-wing political platform’s plan would also require the National Securities Market Commission (CNMV) to create a visual “risk traffic light” system for cryptocurrencies, to be displayed on investor platforms.
Another controversial factor is the proposal to classify all cryptocurrencies as assets eligible for confiscation. Lawyer Chris Carrascosa said on X that this is unworkable, especially for tokens like Tether’s USDT (USDT), which cannot be held by regular custodians under Mica’s rules.
Related: How to File Crypto Taxes in 2025 (US, UK, Germany Guide)
Critics call it an attack on Bitcoin
In a post on X, economist and tax consultant José Antonio Bravo Mateo denounced the amendments as a “vain attack against bitcoin,” arguing that the measures misunderstand how decentralized assets work. He noted that bitcoin held in self-custody cannot be held or monitored like traditional financial assets.
“The only thing these moves will do is make holders living in Spain think about fleeing when BTC rises so high that they no longer care what the politicians say,” he warned.
Meanwhile, tax inspectors John Faus and Jose Maria Gentel have recently proposed a special, more favorable tax regime specifically for Bitcoin (BTC). Their proposal allows taxpayers to apply either FIFO (first in, first out) or weighted average methods with value adjustments when moving assets between wallets to separate wallets and avoid tax gaming.
Spain’s tax agency has been warning crypto holders about taxes for years, sending out 328,000 warning notices for taxes on crypto for the 2022 fiscal year in 2023, followed by 620,000 similar notices a year later.
Related: Bitcoin for taxes? The proposed bill would allow Americans to pay the IRS in BTC
Japan plans a flat tax of 20%
While Spain considers increasing taxes on crypto gains, Japan’s Financial Services Agency (FSA) is pushing for tax reforms that will dramatically reduce the burden on crypto investors.
Instead of taxing crypto income as “miscellaneous income” at rates reaching 55%, Japan aims to apply a flat 20% capital gains tax, bringing digital assets into the equation and making the country more competitive for traders and businesses.
Magazine: 2026 is the year of practical privacy in crypto – Canton, Zakash and more
