Greece is proposing a new tax framework for cryptocurrencies that would impose a 10% tax on individual capital gains from crypto transfers, with the first €500 of annual gains exempt from taxation.
The measure is part of a broader draft law published by Greece’s Ministry of National Economy and Finance for public consultation on October 7. The ministry says the new framework is intended to address the existing legislative gap around the taxation of crypto-assets and provide greater tax certainty.
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Under the proposal, an individual’s capital gain would generally be calculated as the difference between the acquisition price and the transfer price of a cryptocurrency. The draft also establishes rules for documenting transactions and determining the average acquisition price when assets are acquired through multiple purchases.
Crypto-to-Crypto Swaps Would Not Trigger Capital Gains Tax
One notable provision is that exchanging one cryptocurrency for another would not create a taxable capital gain under the proposed framework. This means a crypto-to-crypto transaction would be treated differently from a taxable transfer.
The proposal would also apply a 10% tax rate to returns generated through activities including crypto lending, liquidity provision and staking. These returns would be taxed as interest.
The draft addresses crypto-assets received as benefits in kind by employees, partners or shareholders, with their value determined in euros at the time of acquisition. Crypto purchases would also be included among asset-acquisition expenses for the purposes of Greece’s tax presumptions.
For inheritance, gift and parental-benefit taxation, crypto-assets would be classified as intangible movable property located abroad. Their value would be determined in euros based on the day before the relevant tax liability arises.
The proposal also states that no Digital Transaction Fee would apply to cryptocurrency sales. It would additionally allow taxpayers, under specified conditions, to voluntarily declare capital gains from previous crypto transfers within 12 months of the law’s publication, without penalties or interest.
Greece has not previously had a dedicated, statutory tax rate for crypto capital gains. If implemented, Greece’s proposed 10% crypto capital gains tax would be lower than rates in several major EU markets. Austria taxes crypto income at 27.5%, while Italy applies a 33% rate and France taxes private crypto gains at 30%, including social contributions.
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