Spain Aims to Increase Tax Burden on Cryptocurrency Gains through Legal Amendment

On November 26th, as reported by Criptonoticias, the parliamentary group Sumar in Spain submitted a bill amendment to the Congress with the aim of modifying three tax laws in the country related to cryptocurrency. The amendment encompasses the following: alterations to Law No. 58 of 2003 on General Taxation, specifically regarding statutes of limitations, tax collection, mutual assistance, and information disclosure obligations; modifications to Law No. 35 of 2006 on Personal Income Tax, where income from crypto assets not regarded as financial instruments will be taxed at the general income tax base rate (currently up to 47%) instead of the current savings tax base rate (up to 30%); changes to Law No. 29 of 1987 on Inheritance and Gift Tax, which will incorporate all crypto assets into the seizable asset scope, expanding the application of the existing rules (previously only applicable to crypto assets regulated by the EU MiCA); crypto asset gains will be subject to a 30% corporate income tax rate. The proposal also stipulates that the National Securities Market Commission (CNMV) in Spain will establish a visual risk signal system for cryptocurrencies, which must be displayed on Spanish investor platforms. The evaluation factors include official registration, regulation, guarantees, and liquidity.