Greece Proposes 10% Personal Tax on Crypto Gains

Greece is moving to establish its first dedicated tax framework for cryptocurrencies, with a new draft proposal outlining a 10% personal tax on crypto gains. This initiative aims to close a gap in the country’s existing tax legislation and provide greater clarity for individuals involved in digital asset transactions. The proposal includes an annual exemption, meaning not all crypto profits will be subject to taxation.

The Ministry of National Economy and Finance released the draft on October 7, 2026, detailing a 10% tax rate for individuals on cryptocurrency capital gains that exceed a €500 annual exemption. This proposal is currently undergoing public consultation and has not yet been enacted into law. The government plans to submit the bill to Parliament in early November 2026, with a vote anticipated the same week.

Key Provisions of the Proposed Crypto Tax

The draft legislation introduces specific rules for various cryptocurrency activities. A key element is the calculation of gains, which will be based on the difference between the acquisition cost of a crypto-asset and the amount received upon its sale or transfer. For individuals who purchased the same asset in multiple transactions, an average acquisition cost will be used to determine the taxable gain.

Taxable Disposals vs. Other Crypto Activities

The proposal distinguishes between taxable events and other forms of crypto engagement. Selling or transferring crypto-assets for fiat currency or other assets will trigger a capital gains calculation. However, exchanges between different cryptocurrencies, often referred to as crypto-to-crypto swaps, will not be considered a taxable event in themselves. This means that simply trading one digital currency for another will not immediately incur a capital gains tax.

Treatment of Staking, Lending, and Compensation

Returns generated from activities like staking, lending, and providing liquidity within decentralized finance (DeFi) protocols will be treated as interest income. This income will also be subject to the proposed 10% tax rate. Furthermore, cryptocurrency received as compensation for employment or as shareholder benefits will be valued at its euro equivalent at the time of receipt and taxed accordingly.

Loss Carry-Forward Mechanism

The draft also addresses how losses might be handled. One reported version of the proposal suggests that losses exceeding the €500 exemption could be carried forward for up to five years. This would allow individuals to offset future crypto gains with previously incurred losses, providing some relief for those experiencing downturns in the market.

Consultation and Parliamentary Process

The public consultation period for the draft proposal is set to conclude on October 22, 2026. Following this, the Ministry of National Economy and Finance intends to present the bill to Parliament. The government’s timeline indicates a potential parliamentary vote within the first week of November 2026. It is important to note that the proposed tax rate, exemption amount, and other provisions are subject to change during this legislative process.

Challenges in Tax Base Measurement

Greek officials have acknowledged the difficulty in accurately estimating potential tax revenue from cryptocurrencies. A significant challenge stems from the fact that many investors utilize platforms and exchanges located outside of Greece. This offshore activity makes it harder for tax authorities to track transactions and assess the overall tax base. The proposed framework aims to provide more certainty, but the global nature of crypto trading presents ongoing measurement difficulties.

Voluntary Declaration Window for Past Gains

Should the bill be enacted into law, taxpayers who have realized gains in the past would have a specific window to voluntarily declare them. This mechanism would allow individuals to come forward and report previous gains within 12 months of the law’s publication. If the resulting tax is paid within 60 days of making such a declaration, penalties and interest may be waived. This provision offers an opportunity for individuals to regularize their tax affairs concerning past crypto activities.

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