Greece prepares to levy 10% capital gains tax on cryptocurrency

Greece is preparing to impose a 10% capital gains tax (CGT) on cryptocurrency, Reuters reported on Thursday, citing a draft bill published for public consultation.

Gains of up to 500 euros ($560) a year would be exempt under the bill, which will be submitted to parliament in November.

It is difficult to estimate the size of Greece’s cryptocurrency market because most investors use platforms outside the country, according to Reuters’ report. Greek officials have yet to make any projections about expected revenue from the tax.

The 10% levy would be among the lower rates imposed by European Union countries. Germany, France and Italy are setting or planning to set capital gains at over 25%.

Countries are developing their tax treatments of cryptocurrency to replicate that of traditional assets like stocks, reflecting the increasing role of crypto in mainstream investment portfolios.