Sumar, Spain's far-left party, pushes to significantly strengthen taxation on virtual assets such as Bitcoin

Sumar, a far-left-leaning partner in Spain's coalition government, is pushing to raise taxes on virtual assets such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).

On the 26th (KST), according to Cryptopolitan, Sumar submitted three major amendments to the bill implementing the EU's MiCA regulation to parliament. The amendments center on converting individuals' virtual asset investment income into the general income tax base to apply a maximum 47% tax rate, and applying a flat 30% tax rate to corporate virtual asset gains.

Sumar also included a provision to make a 'risk traffic light' display mandatory for digital assets. Under the system, the Spanish National Securities Market Commission (CNMV) would visualize risk levels based on criteria such as project registration status, supervision status, the existence of reserves, and liquidity, and require all investment platforms to display them.

There has been strong pushback from the industry. José Antonio Bravo Mateu, a tax advisor, pointed out, "Bitcoin held in self-custody wallets cannot be seized or supervised," calling it "an ineffective political attack." He said, "If Bitcoin's price soars, holders will more easily consider leaving Spain."

Lawyer Chris Carrascosa criticized, "Assets like Tether (USDT) that are not subject to MiCA have no centralized custodians, making seizure itself impossible," adding, "It's meaningless and ineffective. Instead, it only increases the burden on crypto asset service providers (CASP)."