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

BlockBeats News, November 26th, according to Criptonoticias, the parliamentary group Sumar in Spain submitted a bill amendment to the Congress aimed at modifying three tax laws in the country related to cryptocurrency. The amendment includes the following: changes to Law No. 58 of 2003 on General Taxation, regarding statutes of limitations, tax collection, mutual assistance, and information disclosure obligations; changes to Law No. 35 of 2006 on Personal Income Tax, where income from crypto assets not considered 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 include all crypto assets in the seizable asset scope, expanding the application of the existing rules (previously only applied 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 create a visual risk signal system for cryptocurrencies, which must be displayed on Spanish investor platforms, with evaluation factors including official registration, regulation, guarantees, and liquidity.