Greece Drafts 10% Crypto Gains Tax With €500 Exemption

Greece is preparing legislation that would impose a 10% capital gains tax on cryptocurrencies, according to a draft bill published for public consultation late on Thursday.

A first framework for crypto taxes

The country currently has no comprehensive legal framework for taxing cryptocurrencies.

The European Union doesn’t offer one either, as member states have no unified taxation system for the sector and each country sets its own rules.

The draft was released for public consultation, giving the public a window to weigh in before the proposal moves to lawmakers.

Small gains stay tax-free

Under the draft, crypto capital gains of up to €500 (about $560) per year would be exempt from the new tax.

That means investors whose annual profits stay below the threshold would not owe anything under the proposed rules.

The bill is due to be submitted to the Greek parliament in November.

How Europe taxes crypto

Across Europe, cryptocurrency tax rates range from 8% to 30%, and they are usually applied to capital gains rather than to holdings themselves.

Greece’s proposal follows that same approach, taxing the profit made when crypto is sold rather than the assets an investor holds.

Market size remains unclear

Greek officials have said it is very difficult to estimate the size of the country’s crypto market, since the vast majority of Greek investors use trading platforms based outside the country.

For now, the government has not released a specific projection for how much revenue the new tax could bring in for the state.