Greece’s Ministry of National Economy and Finance has released a draft bill introducing a 10% tax on individual cryptocurrency gains, inviting the public to submit feedback until October 22 at 10 a.m. This proposed rate is lower than the 15% previously discussed by government officials in June.
Key provisions of the draft crypto tax
The draft legislation establishes that individuals will be subject to a 10% tax on profits from crypto transactions, with the first €500 of gains each year exempt from taxation. The document specifies that swapping one cryptocurrency for another will not constitute a taxable event, and it imposes no additional digital transaction tax on crypto sales.
Profits will be calculated as the difference between the acquisition and disposal prices, utilizing an average acquisition cost method for tokens purchased across several batches. Taxpayers will be required to provide adequate documentation to support their reported gains.
Gains will be calculated as the sale price minus the purchase price, with special rules for assets bought in several batches.
Income derived from crypto lending, liquidity provision, and staking will also fall under the new regulations, taxed as interest at 10%. Additionally, any cryptocurrency distributed to employees, partners, or shareholders as in-kind payment must be valued in euros at the time the asset is acquired.
The ministry’s proposal gives taxpayers a 12-month grace period after the law’s publication to declare gains from earlier crypto sales without penalty or interest, subject to conditions outlined in the bill.
Mini dictionary: Ministry of National Economy and Finance, Greece’s primary government agency overseeing economic policy, state revenue, and national financial planning.
Context and comparison with other European countries
These new rules are a component of a broader legislative package primarily focused on enhancing supervision of private debt and loan servicers. The ministry emphasized that the crypto-specific provisions are aimed at closing gaps in national law related to digital asset taxation.
Across Europe, crypto tax rates typically range from 8% to 30% and are generally applied to realized capital gains. Greece’s proposed 10% rate places it near the lower end of this spectrum.
| Country | Crypto Tax Rate | Applies to |
|---|---|---|
| Greece (proposed) | 10% | Capital gains (first €500 exempt) |
| Germany | 0%–45% | Gains, depending on holding period and amount |
| France | 30% | Capital gains |
| Portugal | 0%–28% | Gains (recent legislative changes) |
| Italy | 26% | Capital gains |
Despite the proposals, Greek officials have difficulty accurately estimating the national crypto market’s size, largely because most investors reportedly use offshore trading platforms. No official revenue projection for the proposed tax has been made public.
Next steps and consultation
The public consultation on the draft bill will close on October 22, and the proposal is expected to reach parliament in November for further debate and possible approval.
Officials have not released an estimate for the potential tax revenue, as most Greek crypto investors reportedly trade on platforms outside the country.
The draft’s amnesty provision, allowing retroactive declarations of past gains within a limited period, is expected to attract particular interest among taxpayers with undeclared crypto profits.
