A political party within Spain’s governing coalition is pushing a new plan to tax cryptocurrencies. The left-wing Sumar party wants to completely overhaul the country’s tax rules for crypto. This would mean that profits would no longer fall under the favorable savings regime but would be taxed as ordinary income.
In the most extreme cases, the tax could rise to as much as 47 percent. Critics warn that these plans could drive talent and investors out of the country. At the same time, it shows that an increasing number of countries are taking crypto seriously.
Tax Plans Spark Controversy #
Sumar wants to amend three major tax laws, including the rules for income tax. This would shift crypto income into the highest tax brackets, while companies would have to pay a flat rate of thirty percent.
Additionally, Sumar proposes that all cryptocurrencies be classified as seizable assets. According to lawyer Cris Carrascosa, this is practically impossible. Coins that fall outside European regulations, such as Tether, cannot be held by regulated parties and are therefore also not seizable by the government.
Economist and tax advisor José Antonio Bravo Mateu calls the plans an “attack on bitcoin” because self-custodied coins cannot be traced or confiscated. In his view, the proposal will primarily scare away investors.
Global Trend: Crypto Matures #
It’s not just Spain working on new rules. Countries worldwide are introducing new tax regulations because crypto is increasingly seen as a mature market. In the United States, stricter requirements are coming to better track international transactions. There is even a plan to allow Americans to pay their taxes in bitcoin, which would then be stored in a national Bitcoin reserve.
Other countries are also adapting their systems. Brazil plans to tax international crypto transactions from 2026 as if they were foreign currency, which means stablecoins will also fall under stricter rules. South Korea is working on a fixed 20% tax on crypto profits, although its implementation has been delayed several times.
The global movement toward clear legislation shows that the sector is becoming more mature. However, the Spanish proposal demonstrates that governments must make deliberate choices: too much pressure can stifle innovation, while clear rules can bring stability. Somewhere in between, countries will have to craft legislation to find a balance.