Spain’s Left-Wing Party Introduces Controversial Crypto Tax Hike, Sparking Criticism

Spain’s Sumar parliamentary group has proposed sweeping tax reforms impacting cryptocurrency regulations. The amendments aim to drastically change how crypto profits are taxed, significantly increasing rates and introducing new regulations. According to CriptoNoticias, the proposal would see gains from non-financial assets classified as income and subject to a 47% tax rate instead of the current 30% savings rate. Corporate holders would face a flat 30% tax. 47% is a significant jump in rates compared to existing regulations, sparking criticism.