Greece plans to impose a 10% capital gains tax on cryptocurrencies, according to a draft bill published for public consultation. Crypto gains of up to €500 (approximately $560) per year would be exempt from taxation.
The proposed rate represents a reduction from the 15% rate that government officials discussed with Reuters in June. Greece currently lacks a comprehensive legal framework for taxing cryptocurrency, and the bill is scheduled for submission to parliament in November.
According to Greek officials, estimating the size of the country's crypto market is difficult because most investors use platforms based outside Greece. No revenue projection for the tax has been provided yet.
Tax Approaches Across Europe
European Union countries employ varying approaches to cryptocurrency taxation. Cyprus introduced a flat 8% tax on crypto gains for both individuals and companies beginning January 1, while Ireland taxes them at 33%. Italy raised its rate to 33% from 26% at the start of the year, and Spain taxes crypto gains as savings income at progressive rates up to 28%.
Germany exempts gains on crypto held for more than a year, and the Netherlands taxes a presumed return on assets rather than realized gains.
Since January 1, EU rules known as DAC8 have required crypto service providers to collect transaction data on EU-resident users, which tax authorities then exchange with each user's country of residence. This year marks the first reporting period under these requirements.
Outside the EU, the UK plans to defer capital gains tax on DeFi lending and liquidity pool deposits.
