The Netherlands is on the brink of enacting a pivotal reform in the taxation of digital assets. The country’s House of Representatives has put forward a bill that would impose a 36% capital gains tax on the appreciation of savings, cryptocurrencies, and most liquid investments. Notably, the proposed legislation stipulates that investors could be taxed even on unrealized gains—meaning they would owe taxes whether or not they actually sold their assets for a profit.
Parliament’s Vote and Scope of the Bill
The bill was met with strong support in parliament, securing 93 votes—well above the required threshold of 75 for passage to the next stage. Should the legislation be enacted, deposit accounts, cryptocurrency holdings, most equity investments, and other interest-bearing instruments would all fall within its ambit. The law is slated to take effect as of 2028, but it still requires final approval from the Dutch Senate before implementation.
Market and Expert Reactions Spark Debate
The proposal has already stirred a swift and vocal reaction from investors and industry stakeholders. Critics argue that the high tax rate could drive affluent individuals and their capital toward countries within the European Union that offer more favorable tax environments. Entrepreneur Denis Payre recalled that similar measures enacted in France during the 1990s led to a mass exodus of companies. Dutch-based crypto analyst Michaël van de Poppe also warned that the policy was misguided and would inevitably prompt investors to leave the country.
Crypto analyst Michaël van de Poppe emphasized that the government’s proposed measure lacks clarity and could push serious investors to relocate abroad.
According to financial analytics firm Investing Visuals, the impact could be significant: an investor who starts with €10,000 and adds €1,000 monthly could amass €3.32 million after 40 years without the tax; under the new law, this sum drops to around €1.885 million. The difference—a staggering €1.435 million—directly results from the tax burden.
Authorities defend the bill as a necessary modernization of how financial assets are taxed, suggesting it would bring greater fairness to the tax system. However, detractors contend that the proposal risks undermining the Dutch fintech and digital asset sectors. The forthcoming Senate decision will ultimately determine whether the Netherlands adopts one of Europe’s strictest tax regimes for crypto assets.
Current State of Crypto Investments in the Netherlands
Data released by the Dutch Central Bank shows a marked rise in indirect crypto investments through financial securities, reaching approximately €1.2 billion as of October 2025. This increase is attributed primarily to rising valuations of major digital assets, as opposed to an influx of new investors.
At the end of 2020, crypto-linked securities holdings in the country stood at around €81 million. Within just a few years, this ballooned to €1.2 billion, signaling significant growth in digital asset interest among both households and institutional investors. Nevertheless, direct ownership of cryptocurrencies remains limited in the Netherlands.
Crypto-related derivative securities currently make up a mere 0.03% of the nation’s total investment market, indicating that traditional financial products continue to dominate investor portfolios. Last year, Amsterdam-based crypto firm Amdax received €30 million in support for a Bitcoin treasury strategy aiming to hold 1% of the total Bitcoin supply within its portfolio.
