• The Sumar party has proposed amendments to tax crypto gains as general income, raising rates to 47%.
• Economists warn this punitive measure will drive capital flight to tax-friendly jurisdictions.
• The proposal contrasts with recent moves to separate Bitcoin from broader crypto asset taxation.

Spain’s governing coalition is pushing for a drastic increase in cryptocurrency taxes. The Sumar parliamentary group has introduced amendments that would tax crypto profits at a top marginal rate of 47%. This proposal seeks to reclassify digital asset gains from “savings income” to “general income.”

This legislative move aligns with the European Union’s broader push for clarity under the Markets in Crypto Assets (MiCA) framework. However, analysts warn the specific tax hikes could damage Spain’s competitive standing.

Related: Stablecoins Remain Small in Euro Area, But Gl…

Read The Full Article Crypto Investors In Spain Face 47% Tax Bill Under New Plans On Coin Edition.

• The Sumar party has proposed amendments to tax crypto gains as general income, raising rates to 47%.
• Economists warn this punitive measure will drive capital flight to tax-friendly jurisdictions.
• The proposal contrasts with recent moves to separate Bitcoin from broader crypto asset taxation.

Spain’s governing coalition is pushing for a drastic increase in cryptocurrency taxes. The Sumar parliamentary group has introduced amendments that would tax crypto profits at a top marginal rate of 47%. This proposal seeks to reclassify digital asset gains from “savings income” to “general income.”

This legislative move aligns with the European Union’s broader push for clarity under the Markets in Crypto Assets (MiCA) framework. However, analysts warn the specific tax hikes could damage Spain’s competitive standing.

Related: Stablecoins Remain Small in Euro Area, But Gl…

Read The Full Article Crypto Investors In Spain Face 47% Tax Bill Under New Plans On Coin Edition.