Greece is finalizing a new tax framework for cryptocurrency investors that will establish a 15% tax rate on net capital gains generated in the digital market. The Greek Ministry of Finance has drafted a bill that will close the current tax regulatory gap in the country.
The measure seeks to structure the taxation applicable to transactions with digital assets, establishing clear deductions for fees, minimum exemptions and a specific tax treatment for accumulated losses before its debate in Parliament.
A fixed rate of 15% for capital gains on crypto assets
The Greek Ministry of Finance has drafted a legislative proposal that contemplates tax capital gains derived from crypto assets at a rate of 15%According to official sources and financial media, the country previously lacked specific legislation to determine the taxation of these assets, creating uncertainty among taxpayers and the public administration.
According to the initial draft, the tax will be applied exclusively to net profits after deducting trading and operating fees associated with each transaction. Furthermore, the bill introduces an annual exemption: the first €500 of profits earned each fiscal year will not be subject to taxation, allowing small retail traders to operate without incurring excessive administrative burdens on small amounts.
The planned timetable indicates that the bill will reach the Hellenic Parliament for processing during November. If approved in its current form, the legislation will come into effect retroactively from January 1, 2025, meaning that income accrued throughout the year must be declared in the tax returns that taxpayers will formally file in 2027.
Exempt crypto-crypto swaps and staking treatment
One of the most technical and relevant aspects of the initiative lies in the taxable event. Greek legislation will not consider the direct exchange between different cryptocurrencies, such as exchanging Bitcoin for another digital currency, to be a taxable event. This exemption for swaps aligns the proposal with taxation models that seek to avoid friction in the day-to-day management of portfolios on platforms that you can explore in detail through educational resources such as Bit2Me Academy.
The taxable event will only be triggered when the balances are converted to euros or another legal tender, or when they are used directly to pay for goods and services. This distinction significantly simplifies tax accounting for active users, reducing the need to value intermediate transactions that have not been settled in fiat currency.
On the other hand, the regulations directly address rewards obtained through consensus mechanisms or value-generating services, such as staking or asset lending. Tokens generated under these methods will not be considered taxable income upon receipt, but will only be taxed at 15% once the user decides to sell or liquidate them in fiat currency. Furthermore, the bill will authorize offsetting net capital losses generated in crypto assets against future gains for a maximum period of five consecutive tax years.
MiCA supervision and the impact of DAC8 in Greece
Greece is making progress with this tax regime while consolidating its adaptation to the European Union's regulatory environment under the MiCA Regulation. At the administrative and market levels, the Hellenic Capital Markets Commission holds exclusive authority to authorize and supervise crypto-asset service providers, while the Bank of Greece assumes prudential supervision of issuers of asset-backed tokens and stablecoins.
Licensing in Greece has progressed gradually: no domestic provider was listed in the unified EU register until September, approximately two months after the transition period stipulated by the MiCA framework ended on July 1st. This institutional oversight requires rigorous operating standards to ensure transparent environments that comply with EU regulations.
Adding to this regulatory ecosystem is the transposition of the European DAC8 directive, which Greece formally incorporated into its domestic legislation in May. From January 2026, the DAC8 directive will require exchanges and custody platforms to collect comprehensive information on users and their transactions, reporting this data directly to national tax authorities in a manner analogous to the traditional banking system. This will provide the Greek tax authorities with comprehensive verification tools.
The map of crypto taxation in the European Union
The establishment of a 15% tax rate will place Greece in an intermediate position within the European Union's tax landscape, where a marked disparity persists among the different member states. While some countries have adopted strict models, others have opted to incentivize long-term holdings or apply significantly reduced rates to attract capital and technology projects.
At the more favorable end of the EU scale is Cyprus, which applies a tax of just 8% on this type of capital gains. In contrast, markets like France establish a combined flat rate of up to 30% for capital gains from crypto assets, highlighting the lack of direct tax harmonization at the continental level beyond cross-border reporting rules.
Other countries in the bloc apply incentives geared towards strategic holding: Germany fully exempts capital gains from tax if assets are held in a portfolio for more than a year without speculative selling, an approach also shared by Portugal after a minimum holding period of 365 days. In the latest analyses published in news.bit2me.comIt is observed how this fiscal fragmentation drives governments to design specific regulations to ensure revenue collection without stifling innovation in the digital sector.
FAQ
When will the 15% tax come into effect in Greece?
The bill will be presented to the Greek Parliament in November. The proposal provides for retroactive application starting on January 1, 2025, meaning that net income accrued from that year onward will be declared to the tax authorities in 2027.
Is the exchange between two cryptocurrencies subject to taxation under the new law?
No, direct swaps between different crypto assets will be completely tax-free. The 15% tax will only be levied when the funds are converted into euros or another fiat currency, or when they are used to purchase goods and services in commerce.
How are the earnings obtained through staking calculated?
Assets obtained through staking or lending mechanisms will not generate an immediate tax liability upon receipt in the portfolio. These returns will only be taxed at the 15% rate when the holder sells or exchanges them for legal tender.
Greece's upcoming tax legislation marks a decisive step towards operational certainty for cryptocurrency investors within the European Economic Area. With a 15% tax rate, an initial exemption of €500, and the possibility of offsetting losses over five tax years, Greece aims to bring clarity to its tax system without hindering integration with the MiCA and DAC8 guidelines.
This framework consolidates the trend towards transparency and regulatory compliance across the European Union, establishing objective rules that allow taxpayers to plan their operations with full legal backing in the digital asset market.
Investing in cryptoassets is not fully regulated, may not be suitable for retail investors due to high volatility and there is a risk of losing all invested amounts.
Generative artificial intelligence tools were used to create this article.
