Spain’s left-wing Sumar party has proposed a dramatic hike in capital gains tax for cryptocurrency profits, aiming to reach a top rate of 47%. This move has triggered strong opposition from the crypto community and calls for greater regulatory clarity. Critics argue that this increase is unfair and disproportionately impacts Bitcoin holders, potentially discouraging investment and innovation in the Spanish market. While the proposal aims to create a fairer tax system overall, many see it as a negative step for crypto adoption in Spain. This proposal comes amidst growing scrutiny of crypto activity within Spain, with Sumar’s stricter regulatory measures already in place. The future of crypto in Spain hangs in the balance as the proposal awaits further legislative steps.