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Spanish lawmakers have proposed amendments that would tax Bitcoin and Ethereum profits at rates up to 47%, nearly double the current 30% capital gains rate applied to traditional investments.
The proposal from the left-wing Sumar Parliamentary Group would reclassify cryptocurrency gains under Spain’s general income tax bracket rather than the savings base, according to tax documentation reviewed by legal firm Wolters Kluwer.
The second paragraph of the Spain crypto tax bill proposal pushes the narrative further: crypto-related gains for corporations would also face a harsher environment, being taxed under the Corporate Income Tax at 30%. For many investors, this represents a dramatic escalation in the government’s approach to regulating digital assets.
Economist and tax advisor José Antonio Bravo Mateu warned that the amendments clearly target the crypto sector, saying the measures “go directly against Bitcoin, Ethereum, and other cryptocurrencies.”
Bravo, a well-known voice in Spain’s digital asset ecosystem, stressed that policymakers may be underestimating the resilience and global mobility of the crypto community.
“These are useless attacks against Bitcoin,” Bravo wrote on X, the platform formerly known as Twitter.
“These assets are resistant to political attacks. The only thing these measures achieve is that their holders residing in Spain think about fleeing when BTC rises so much that they no longer care what the politicians say.”
Another explosive element of the Spain crypto tax bill is the proposed creation of a crypto risk traffic light systemoverseen by Spain’s National Securities Market Commission (CNMV). This visual indicator—ranging from green to red—would appear on digital asset platforms across the country.
The system would evaluate a token’s official registration status, regulatory oversight, liquidity, backing and overall risk profile.
This idea first gained traction in July, when a coalition of MPs demanded clearer warnings around speculative crypto assets.
Supporters argue that the system could protect inexperienced retail investors. Critics, however, call it a thinly veiled attempt to stigmatize digital currencies.
“It’s a confusing and unnecessary mechanism,” warned one financial policy researcher at the University of Barcelona. “Transparency is important, but oversimplifying risk can be misleading.”
The Spain crypto tax bill comes at a time when Spain is already embroiled in multiple tax controversies involving digital assets. In August, a crypto trader was slapped with a €9 million tax assessment for a transaction that generated zero profit.
Under current rules, Spain’s tax authority (AEAT) classifies even non-profit conversions as taxable capital gains events.
The case sparked outrage among legal experts and EU regulatory observers, who argue that Spain’s crypto tax framework has long lacked clarity.
According to Lullius Partners, a leading Spanish tax firm, “Spanish tax legislation still lacks clear guidelines on how cryptocurrency holdings or tokenized assets should be taxed. It remains difficult to determine when and under what conditions cryptocurrency transactions are considered taxable.”
This ambiguity, they argue, could push Spain’s crypto entrepreneurs and investors elsewhere—especially if the Spain crypto tax bill becomes law.
With the Spain crypto tax bill driving intense public debate, investors fear that Spain may price itself out of the competitive European crypto market.
Countries such as Portugal, Germany and Switzerland have taken more crypto-friendly tax approaches, boosting their ability to attract blockchain startups and institutional players.
“If Spain chooses the harshest tax path in the EU, it could trigger a brain drain,” warned a Madrid-based blockchain analyst. “Crypto innovators will simply relocate. Capital follows clarity—not confusion.”
For now, the Spain crypto tax bill continues its journey through the Congress of Deputies, but the national and international spotlight on Spain has never been brighter.
