Spain's Crypto Tax Bombshell: Could 47% Levy Be Coming?

Spain is considering a radical overhaul of its crypto taxation framework that could reshape the investment landscape. The Sumar faction has tabled amendments to Parliament proposing a dramatic shift in how cryptocurrency gains are treated for tax purposes.

The Tax Shock

Currently, cryptocurrency gains fall under Spain’s savings tax regime capped at 30%. The proposed changes would reclassify these gains as general income, potentially pushing the top marginal rate to 47% — a 57% increase from existing levels. For corporations, the suggestion is even more straightforward: a flat 30% corporate income tax on crypto earnings. This move fundamentally changes the incentive structure for retail and institutional investors alike.

Regulatory Tightening on Multiple Fronts

Beyond taxation, the amendment contains provisions that would expand regulatory oversight significantly. The Spanish National Securities Market Commission (CNMV) would be mandated to establish a risk rating system for crypto assets. These ratings would need to be displayed prominently on investment platforms — essentially creating a government-backed warning label system for digital assets.

Asset Seizure Powers Expanded

Perhaps most concerning for holders, the proposal seeks to broaden the scope of assets subject to seizure. Currently, only crypto holdings regulated under the EU’s MiCA (Markets in Crypto-Assets) framework face such restrictions. The amendment would remove this limitation, potentially allowing authorities to seize any cryptocurrency holdings as part of enforcement actions.

The combined effect of these measures — punitive taxation, mandatory risk disclosure, and expanded seizure authority — signals a significant policy shift that could accelerate discussions about crypto regulation across the EU.