Given the amendments presented by the Sumar Parliamentary Group in a project to modify three tax laws in Spain, an initiative arose to stop the progress of this proposal. This is because it entails a greater burden of taxes and control of embargoes on cryptocurrencies.
The economist and tax advisor specializing in cryptocurrencies, José Antonio Bravo Mateu, opened a call to key industry players to prepare a brief against the project through the Barcelona consulting firm called Fiscal Crypto by Àgora.
“It is time for us to do lobby and let us prevent this technology from being understood in a misleading way, and at the same time prevent a flight of investment capital from our country,” said Bravo Mateu.
The call is aimed at local and international cryptoasset service providers (CASP) operating in Spain. These include Binance, Coinbase, Bit2me, Bitnovo, BitBase, BitGo, EurocoinPay and Bitpanda.
For the economist, we must follow the example of Bitcoin Policy UKan organization of entrepreneurs and specialists promoting the adoption of bitcoin (BTC) in the United Kingdom. “Together with the service providers, it promotes changes in the regulations to prevent certain actions carried out by the holders from being recorded,” said Bravo Mateu in this regard.
United like this, “then we could promote another series of proposals,” says Bravo. The idea is to improve financial conditions and lower the tax burden in terms of cryptocurrencies.
“The important thing would be to create an entity that brings together the CASPs, auxiliary service companies (such as tax offices) and holders to make proposals to the legislative branch that would be favorable to attract “hard money” to the country as well as new investments in technology,” he emphasizes.
Tax specialists in cryptocurrencies such as lawyers Cris Carrascosa and Amparo Lezcano They showed their support for the call to stop the projectoffering his help. Although, for now, cryptocurrency service providers in Spain have not responded, at least publicly.
More taxes and seizable cryptocurrencies, Sumar seeks
The call to form an alliance in the cryptocurrency industry takes place after, as CriptoNoticias reported yesterday, the Sumar Parliamentary Group presented, before the Congress of Deputies, amendments in a project to modify tax laws. A fact that generated opinions against it.
Specifically, the project proposes to modify General Tax Law 58/2003, regarding prescription, collection, mutual assistance and information obligations. Also Law 35/2006 on Income Tax and Law 29/1987 on Inheritance and Donation Tax.
Through this project, it is proposed that profits from crypto assets not considered financial instruments are taxed in the Personal Income Tax (IRPF) on a general basis (currently up to 47%). They would do it instead of the current savings base – up to 30%. It also defines that these profits are taxed in Corporate Tax at 30%.
In turn, the proposal establishes that the National Securities Market Commission (CNMV) creates a visual risk traffic light for cryptocurrencies, which must be displayed on platforms for investors in Spain. This would evaluate factors such as official registration, supervision, support and liquidity.
The proposal also includes a modification of the embargo regime to add as seizable assets cryptoassets outside the Regulation of Cryptoasset Market (MiCA) of the European Union.