Greece plans new 15% tax on cryptocurrency gains

Greece is preparing to close a major regulatory loophole by introducing its first-ever comprehensive legal framework for digital assets. According to government officials, the country plans to implement a 15% capital gains tax on cryptocurrencies, bringing the nation in line with a growing number of European Union peers.

Currently, Greece lacks a structured tax policy for the crypto sector, and the EU as a whole does not have a unified taxation system for digital currencies, News.Az reports, citing Reuters.

A senior government official said that the Finance Ministry is finalized the legislation, which is expected to be submitted to parliament in the coming months.

"The aim is to include cryptocurrencies in the country's tax code," the official stated.

While the baseline tax rate is set to match standard capital gains, the legislation includes a few key exemptions designed to protect casual investors and hobbyists:

Tax-Free Allowance: The first €500 ($580) of crypto capital gains will be entirely tax-free.

Corporate vs. Individual Mining: Individual cryptocurrency miners will not be subject to the new tax. However, the 15% rate will apply if the mining operations are registered as a corporate entity.

The European Landscape
Taxation on digital assets varies wildly across the European Union. While Cyprus charges a relatively low 8% on crypto gains, France sits near the top of the bracket at 30%.

Estimating how much revenue this new policy will generate for Athens remains a challenge. Government officials admitted it is difficult to gauge the exact size of Greece's domestic cryptocurrency market, as the vast majority of local investors utilize trading platforms based outside the country. Consequently, the state has not yet released official revenue projections for the upcoming tax.

News.Az 

By Aysel Mammadzada