Greece Proposes 10% Capital Gains Tax on Cryptocurrency with Annual Exemption

This legislation marks Greece's first comprehensive approach to taxing cryptocurrencies, aligning with broader EU regulatory efforts.

• Greece's Ministry of National Economy and Finance published a draft bill proposing a 10% capital gains tax on cryptocurrency.
• Investors can benefit from a €500 annual exemption on net gains, with specific rules on taxable events.
• Public consultation is open until October 22, 2026, before the bill is submitted to parliament in November.

• Previous ambiguity: Greece lacked a specific legal framework for taxing cryptocurrencies, complicating market estimates.
• EU alignment: The proposal aligns with the EU's DAC8 rules for digital asset reporting, which aim to standardize tax practices across member states.
• Market variability: Capital gains tax rates across the EU range from 8% to 30%, making Greece's 10% rate competitive yet cautious.

On October 8, 2026, Greece's Ministry of National Economy and Finance released a draft bill that introduces a 10% capital gains tax on cryptocurrency transactions. This marks a significant shift for a country that previously had no specific legal framework for taxing digital assets. The proposed legislation includes a €500 annual exemption for net gains, which means that individuals can realize up to €500 in profits without incurring tax liabilities. This exemption is particularly relevant for casual investors who may not engage in high-volume trading.

The bill outlines that the tax applies to various forms of disposals, including sales for fiat currency, payments for goods and services, and contributions to company capital. However, it notably excludes crypto-to-crypto exchanges from immediate taxation, allowing investors to swap assets without triggering tax events. This provision is designed to encourage trading and investment within the crypto ecosystem, potentially fostering a more vibrant market.

Additionally, the legislation allows for loss carryforward for up to five years, providing a safety net for investors who may experience downturns in their portfolios. It also offers a 12-month window for declaring past gains without penalties, which could incentivize compliance among taxpayers who may have previously avoided reporting their crypto activities.

The timing of this proposal is crucial as it coincides with the EU's broader efforts to regulate digital assets and enhance revenue collection from this burgeoning sector. With capital gains tax rates varying significantly across EU member states, Greece's decision to implement a 10% rate positions it as a competitive player in the digital asset landscape. This move could attract both domestic and foreign investors looking for a stable regulatory environment.

As the public consultation period runs until October 22, 2026, stakeholders have the opportunity to voice their opinions and influence the final legislation. The bill is expected to be submitted to parliament in November, with potential implementation starting from the 2027 tax year. This timeline suggests that Greece is keen to establish a clear regulatory framework for cryptocurrencies, which could have lasting implications for the market.

• Crypto Investors: Individuals trading or investing in cryptocurrencies will need to adjust their strategies to account for the new tax implications.
• Tax Advisors: Professionals in tax consultancy will see increased demand for guidance on compliance with the new regulations.
• E-commerce Businesses: Companies accepting cryptocurrency as payment will need to navigate the tax landscape for their transactions.

• Public consultation outcomes: The feedback received during the consultation period could lead to adjustments in the final legislation, impacting its implementation.
• Parliamentary approval: The timeline for parliamentary submission and approval will be crucial in determining when the tax will take effect.
• Market reactions: Observing how the crypto market responds to the proposed tax could provide insights into investor sentiment and potential shifts in trading behavior.