Greece approves 10% crypto gains tax with €500 annual exemption

Greece's parliament approved a 10% tax on cryptocurrency gains on Nov. 5, establishing the country's first comprehensive crypto tax framework while exempting annual gains of up to €500.

Summary

• Parliament approved a 10% capital gains tax, below the 15% rate initially discussed in June.
• Annual cryptocurrency gains of up to €500, approximately $563, will be exempt from the tax.
• The ministry's consultation framework excluded crypto swaps and provided a window to declare past gains.
• Implementation guidance covering transparency and audit rules is expected in the coming weeks.

According to Reuters, the legislation brings dedicated cryptocurrency tax rules into Greek law after months of preparation. A senior Finance Ministry official said further directives would follow, including rules governing transparency and tax audits.

The government has not estimated how much revenue the measure will generate. Most Greek investors use platforms based abroad, the official said, leaving authorities without a reliable measure of the domestic cryptocurrency market.

Greece's crypto tax falls below the original proposal

The approved rate is lower than the figure officials discussed earlier this year. In June, crypto.news previously reported that the government was preparing a 15% tax proposal, with an exemption for the first €500 in gains.

By October, the consultation draft had settled on 10%, retaining the annual exemption. Reuters reported on Oct. 8 that the bill was expected to reach parliament in November.

The June proposal distinguished individual mining from mining conducted through a registered company. Officials said individual mining would fall outside the planned capital gains tax, while corporate mining would remain taxable.

Thursday's approval follows a consultation process that the Finance Ministry scheduled to close on Oct. 22. Its stated timetable called for a parliamentary vote during the first week of November.

Crypto swaps and past gains receive specific treatment

In its consultation announcement, the Finance Ministry said exchanging one cryptocurrency for another would not create a taxable capital gain.

The framework generally calculates gains from the difference between acquisition and transfer prices, using an average acquisition price where investors bought assets through successive purchases.

It provides a 12-month window from publication of the law for voluntary declarations of gains from earlier transfers, without fines or interest under the specified conditions. Sales of crypto assets are exempt from the Digital Transaction Fee.

Greek tax publication Forin, describing the bill submitted to parliament in October, reported that voluntary disclosure would not itself establish the legitimacy of the money originally used to purchase the assets.

Its account said the bill excluded crypto transfers from the presumption that repeated transactions constitute business activity. Purchases would count as asset acquisition expenditure for checks on the origin of funds.

Forin described provisions valuing crypto benefits paid to employees, partners or shareholders at their market value when received. Inheritance and gift taxation would use prices on recognized platforms from the previous day.

Staking income is treated separately from trading gains

The ministry's published explanation classifies returns from lending, liquidity provision and staking as interest, subject to a 15% rate.

Its treatment of investment gains therefore differs from income generated by putting crypto assets into lending arrangements or transaction validation mechanisms.

For comparison, the U.S. Internal Revenue Service treats digital assets as property for federal tax purposes. Its guidance includes exchanges into another digital asset among transactions taxpayers must report.

The agency says assets held for personal or investment purposes generate a capital gain or loss when sold or disposed of. Assets received for goods or services in a business context are treated as ordinary income or loss.

U.S. taxpayers must retain transaction records, including acquisition and disposal details, dollar values and the basis used to calculate gains or losses.

EU reporting rules cover cross-border crypto activity

Greece's legislation comes as the EU's DAC8 rules require reporting crypto service providers to collect information on EU residents' crypto transactions, a requirement that took effect on Jan. 1, 2026.

The European Commission says providers report information to national tax authorities, which exchange relevant information with the investor's country of tax residence.

The requirements cover domestic and cross-border activity. Their scope includes decentralized crypto assets, stablecoins, electronic money tokens and certain non-fungible tokens.

According to the Commission, the information includes taxpayer identification and aggregate transaction amounts for acquisitions, disposals and transfers. The rules follow the OECD's Crypto-Asset Reporting Framework.

The first exchanges between EU tax authorities will cover transactions during 2026 and must take place by Sept. 30, 2027.